Beacon Pointe, a Southern California-based registered investment advisor, has acquired Landmark Wealth Management Group, a Lake Elmo, Minn.-based RIA with about $1 billion in client assets. This marks Beacon Pointe’s fifth transaction this year. Terms of the deal were not disclosed.
The deal brings Beacon Pointe’s total assets under advisement to $38 billion and expands its Midwest footprint, with Landmark’s offices in Lake Elmo and Farmington, Minn.; Hudson, Wis.; and San Jose, Calif.
“Beacon Pointe is ready to embark on this exciting chapter and enter new U.S. territory with Landmark,” Beacon Pointe President Matt Cooper said in a statement. “We’ve aimed to establish a more significant presence in the Midwest, and the Landmark team seamlessly met our objectives.”
Landmark was founded in 1977 and today is led by partners John Underwood, Gary Tangwall and Todd Gillingham. They’re joined by 33 team members, including incoming partners 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 announced earlier this month, including the acquisitions of Bridge Advisory, a Pasadena and Newport Beach, Calif.-based firm with approximately $460 million in client assets and Charleston Investment Advisors, a Mt. Pleasant, S.C.-based firm with $140 million in client assets.
With 568 employees nationwide and 62 offices, Beacon Pointe expects to continue focusing on acquisitions, typically self-sourced, of practices with complementary cultures focused on financial planning.
In 2021, Beacon Pointe sold a stake of the business to private equity firm KKR.
