Beacon Pointe, based in Newport Beach, California, continues bringing on advisory firms. Independent Financial Advisors, their fourth deal, is an RIA affiliated with a certified public accountant (CPA) firm.
Independent Financial Advisors’ principals, James Valmonte and Teri Parker, join Beacon Pointe as managing directors and equity partners. The firm has $100 million in assets under management.
“We’re not looking for a pot of gold in this scenario, although we are confident that in the long-term this will benefit our clients, and give us value creation options with our practice that would take too long to implement on our own,” said Parker. “Our CPA partnership model appeals to Beacon Pointe, and their completely independent, holistic service model appeals to us as well.”
Calling the addition of an RIA with a built-in CPA affiliate partnership a mutually beneficial growth engine, Beacon Pointe said the deal will help provide superior client service. When coupled with the Beacon Pointe Advisors’ wealth management program, the partnership creates a financial ecosystem for clients, the firm said in a statement.
“This is a firm poised to grow quickly, from $100 million, to $250 million, on a trajectory towards $1 billion that we will help them to achieve,” said Matt Cooper, president of Beacon Pointe. “Advisers in general are perpetually on the hunt for new business – in this case these guys were sitting on a powder keg of qualified leads and just needed the right partner/catalyst to light the fuse.”