La Jolla, California-based AlphaCore Wealth Advisory has put new cash flow from Constellation Wealth Capital on hiring new talent.
The firm, with $2.8 billion in assets under management and about 1,200 clients, announced Wednesday that it hired Aidan Walsh as head of corporate development. He comes from Focus Financial Partners, where he served as a member of the M&A and Relationship Management team, providing strategic advice, leading business development and executing multiple transactions.
He is the latest of 11 hires in the past six months at AlphaCore and the first to hold a leadership title, according to a corporate release.
The moves come on the heels of Constellation, a private fund management company run by Karl Heckenberg, buying more than a quarter of the RIA's equity by the end of 2023. It replaced two family office investors in taking a stake of AlphaCore.
Even before Constellation's investment, AlphaCore was on a growth trajectory, growing its staff to 30 and increasing assets by 50% every year since its inception nine years ago.
“AlphaCore's recent growth has been substantial and is a testament to providing high-quality wealth advisory services to our clients and advisory teams,” CEO and founder Dick Pfister said in a statement. “We have been fortunate to expand our team with top-level talent and are delighted to welcome Aidan. We anticipate more hires in the coming weeks to strengthen more aspects of our business.”
Walsh's role at AlphaCore will be to accelerate the firm's inorganic growth strategy, according to the company, building on the additions of Magnolia Lane in Greenwich, Conn., and Johnston & Associates in Denver in the past 18 months.
“I have long admired AlphaCore for its innovative approach and dynamic growth,” Walsh said in a statement. “Joining this high-growth entrepreneurial team is an exciting opportunity. Dick's visionary leadership and existing management team have built a company that attracts high-caliber talent, which I believe will resonate when partnering with new consulting firms. We have ambitious targets, aiming to dramatically increase AUM by multiples, while maintaining the boutique that our clients and advisors value.”
Since the beginning of 2023, Constellation Capital has made minority investments in a handful of firms, including Perigon Wealth Management, Lido Councillors, AlTi Global and CV Advisors.