California-based wealth advisory firm Beacon Pointe Advisors has merged with Louisiana-based peer CBD Wealth Management, adding $690m in assets to its books.
Financial details of the deal, which is said to be Beacon Pointe’s largest till date, were not disclosed.
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By GlobalDataCBD offers its services to clients across the entire state of Louisiana.
As part of the deal, the firm’s 11-member team including its partners, Rocky Daigle, Bobby Comeaux, and Walter Bond has joined Beacon Pointe.
Daigle, Comeaux and Bond will serve as managing directors and partners at Beacon Pointe.
Commenting on the development, Bond said: “Joining Beacon Pointe, ranked by Barron’s as one of the top 30 RIA firms in the nation, will give us access to enhanced resources, including a larger investment management team, a broader financial planning department, and enhance our management of 401(k)s and other retirement plans, all resulting in a better experience for our clients.”
Beacon Pointe partner and president Matt Cooper added: “This merger in the NOLA region showcases Beacon Pointe’s drive for growth and continued national expansion entering another key geographical area of the country to be closer to clients and further expand our footprint.”
The merger with CBD is the second deal for Beacon Pointe this year since its strategic alliance with minority investor Abry Partners.
In 2015, Beacon Pointe acquired TPW Financial, a $300m wealth management firm, in a move to boost its presence in the East Coast.
