Beacon Pointe, a Southern California-based registered funding advisor, has acquired Landmark Wealth Administration Group, a Lake Elmo, Minn.-based RIA with about $1 billion in consumer belongings. This marks Beacon Pointe’s fifth transaction this yr. Phrases of the deal weren’t disclosed.
The deal brings Beacon Pointe’s complete belongings below advisement to $38 billion and expands its Midwest footprint, with Landmark’s places of work in Lake Elmo and Farmington, Minn.; Hudson, Wis.; and San Jose, Calif.
“Beacon Pointe is able to embark on this thrilling chapter and enter new U.S. territory with Landmark,” Beacon Pointe President Matt Cooper stated in an announcement. “We’ve aimed to ascertain a extra vital presence within the Midwest, and the Landmark staff seamlessly met our goals.”
Landmark was based in 1977 and in the present day is led by companions John Underwood, Gary Tangwall and Todd Gillingham. They’re joined by 33 staff members, together with incoming companions Bjorn Nesvold, Chad Broberg, Jennifer Beyl-Lee and Tom Selbo, and wealth advisors Cathy Jenson, John Levi, Kurt Haugen, Leah Brooks, Tammie Mark and Jack McNamara.
This follows a double deal Beacon Pointe introduced earlier this month, together with the acquisitions of Bridge Advisory, a Pasadena and Newport Seaside, Calif.-based agency with roughly $460 million in consumer belongings and Charleston Funding Advisors, a Mt. Nice, S.C.-based agency with $140 million in consumer belongings.
With 568 staff nationwide and 62 places of work, Beacon Pointe expects to proceed specializing in acquisitions, sometimes self-sourced, of practices with complementary cultures targeted on monetary planning.
In 2021, Beacon Pointe bought a stake of the enterprise to non-public fairness agency KKR.