News Summary
Beacon Pointe Advisors has acquired The Family Firm, a Bethesda-based RIA managing approximately $857 million in assets. This marks Beacon Pointe’s tenth transaction this year, enhancing its assets under advisement to around $49 billion. The Family Firm, led by partners specializing in wealth and retirement planning for women clients, aligns with Beacon Pointe’s growth objectives. Meanwhile, Carson Group and other firms have made strategic acquisitions, highlighting the competitive landscape in the financial advisory sector.
Washington, DC – Beacon Pointe Advisors has made a significant move in the financial advisory sector by acquiring The Family Firm, a Bethesda-based registered investment advisory (RIA) firm that manages approximately $857 million in assets. This acquisition, finalized on September 15, 2023, brings Beacon Pointe’s total assets under advisement to around $49 billion. The Family Firm is led by partners Kate Fries and Stacy Bakri, and has a team of ten professionals who specialize in wealth and retirement planning, with a particular focus on serving women clients.
This acquisition marks Beacon Pointe’s tenth transaction of the year, with six of those deals occurring in just the past two months. The CEO of Beacon Pointe expressed admiration for The Family Firm’s community-focused and personal business model, which aligns well with Beacon Pointe’s broader strategies and growth objectives. The deal was facilitated with the help of Alaris Acquisitions, which acted as an advisor to The Family Firm during the acquisition.
In addition to Beacon Pointe’s expansion, Carson Group has acquired its Carson Wealth location in Pittsburgh, managed by Neal McGrath. The Pittsburgh office, which manages around $358 million in assets, has experienced substantial growth, more than doubling its asset size since 2013. This acquisition aims to provide additional resources for the Pittsburgh office and improve career opportunities for its professionals.
Carson Group has also made strides in the Alaskan market by partnering with Shilanski & Associates, which manages approximately $436 million. This firm caters to retired federal employees and local business owners, ensuring that leadership will remain unchanged after the acquisition.
Furthermore, Ashton Thomas Private Wealth has acquired Day Hagan, based in Sarasota. Day Hagan is recognized for its model-driven investment strategies, and this acquisition is expected to strengthen Ashton Thomas’s investment management capabilities. Don Hagan, a co-founder of Day Hagan, will assume the role of chief investment officer at Ashton Thomas following the acquisition.
In another strategic move, Moneta Group Investment Advisors has added the Williams team from Aveo Capital Partners, which manages $262 million, to its Denver Tech Center office. This addition reflects Moneta’s commitment to expanding into critical markets while maintaining an independent structure.
The recent flurry of mergers and acquisitions in the RIA sector highlights the increasingly competitive environment for financial advisors. Industry executives have observed a notable intensification in competition, with several other significant deals marking the ongoing consolidation trend in the sector. For instance, Raymond James has added an $850 million advisory team from Equitable Advisors, further indicating the dynamic shifts occurring within the financial advisory market.
This consolidation trend underscores the commitment of firms to invest in essential skills and strategies necessary for success, especially amid evolving market dynamics. As advisory firms continue to pursue growth through mergers and acquisitions, the landscape of wealth and investment management is poised for further transformation.
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Additional Resources
- Investment News: Beacon Pointe Moves
- Wikipedia: Registered Investment Adviser
- Citywire: Beacon Pointe adds RIA
- Google Search: Beacon Pointe Advisors
- Citywire: Edelman Acquires RIA
- Google Scholar: RIA Moves
- Wealth Management: MAI Buys RIA
- Encyclopedia Britannica: Financial Advisors
- Investment News: Carson Group Moves
- Google News: Financial Advisor Mergers
Author: STAFF HERE WASHINGTON DC
WASHINGTON DC STAFF WRITER The WASHINGTON DC STAFF WRITER represents the experienced team at HEREWashingtonDC.com, your go-to source for actionable local news and information in Washington, DC, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and regional news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the National Cherry Blossom Festival, Kennedy Center Honors, and the Washington Auto Show. Our coverage extends to key organizations like the Greater Washington Board of Trade and Destination DC, plus leading businesses in government contracting and technology that power the local economy such as Lockheed Martin and Amazon. As part of the broader HERE network, we provide comprehensive, credible insights into the dynamic landscape of the Washington metropolitan area.
