Beacon Pointe Advisors, BIP Wealth and Raymond James all unveiled deals purchasing advisory teams each managing over $850 million in client assets.
Beacon Pointe to Add $857M RIA
Beacon Pointe Advisors announced it would buy The Family Firm, a female-led $857 million RIA based in Bethesda, Md., which will boost Beacon Pointe’s assets to approximately $49 billion. It is the firm’s 10th deal this year.
The Family Firm was founded in 1983 and is led by Kate Fries and Stacy Bakri, along with a team of 10 (who will be joining the firm’s leaders at Beacon Pointe). According to Bakri, the firm opted for Beacon Pointe based on its understanding of the “unique challenges independent advisory firms face.”
“Their creative problem-solving abilities, collaborative nature and firm commitment to putting clients first give Kate and me great confidence that this partnership will only deepen the personalized care and support our clients have always counted on, trusted, and appreciated,” she said.
The deal boosts Beacon Pointe’s presence in Washington, D.C. and Maryland, following its entry into the state (and the mid-Atlantic region) when it bought the Columbia, Md.-based $560 million Keeney Financial Group in March of last year.
Last month, Beacon Pointe added three firms, totaling $1.1 billion, across three states, including Alderfer Bergen & Co. in Warsaw, Ind., Moser Wealth Advisors in Bellevue, Wash., and Amore Ambro in Jericho, N.Y. Beacon Pointe is the country’s largest female-led RIA, with Shannon Eusey at the helm as CEO. The firm is also backed by private equity giant KKR, which announced its investment in November 2021.
With the Family Firm deal, Beacon Pointe now has more than 600 employees across over 75 offices nationwide. The M&A firm Alaris Acquisitions advised The Family Firm during the deal, which closed on Sept. 15.
BIP Wealth Buys $900M Georgia Firm
In Atlanta, BIP Wealth agreed to buy Prehmus Financial Partners, a $900 million RIA also based in Georgia. The deal will boost BIP Wealth’s assets under management above $5 billion.
BIP Wealth offers investment management and wealth planning for high-net-worth individuals, families, institutional clients and corporate retirement plans, and is buying Prehmus in a blended cash and equity deal (further terms were not disclosed).
BIP Wealth was founded in 2007 and also specializes in giving accredited investors “curated” access to private equity, venture capital and private credit. It has offices in Georgia, located in Atlanta, Alpharetta, Columbus, and Peachtree Corners. In 2022, the firm expanded into the Nashville market.
Warren Prehmus founded Prehmus Financial in 1995, and all of its employees will move to BIP Wealth as part of the deal. Prehmus said BIP’s “client-first approach” mirrored his firm’s values. As a result of the agreement, Prehmus employees will have access to BIP’s client acquisition and service model, as well as its wealth management platform and technology capabilities.
According to Prehmus Chief Investment Officer Chad Edwards, the two firms were “in the early stages” of figuring out ways to “maximize the integration.” Still, he said it was exciting to discuss the Prehmus team’s future at BIP, while noting the purchasing firm had encouraged them to “prioritize thoughtfulness and care for our clients over speed.”
According to the two parties, the deal closed on Sept. 30.
Raymond James Lures Arizona Team to Independent Channel
Additionally, a Scottsdale, Ariz.-based 11-person team managing over $850 million in assets is joining Raymond James’ independent advisor channel from Equitable Advisors.
According to Raymond James, Southwest Wealth Strategies has offices in Las Vegas, Albuquerque, N.M. and Bozeman, Mont., in addition to its Scottsdale home base.
The team includes Managing Partner John Arnold, as well as senior partners Ray Dimuzio, Mark Asher, Chris Lanier, Ben Miles and Nick Obie. According to Arnold, the “advanced technology, expanded client services and advisor-first culture” at Raymond James made it an easy fit to retain an independent practice (and keep its culture).
In late August, Raymond James lured an Ohio-based duo managing about $305 million in assets to join its independent advisor channel. The team had been with Commonwealth for 12 years but left the firm after LPL’s deal to buy it. Raymond James has had some success in the race to attract Commonwealth advisors from the firm following the LPL deal.
