BridgePort Financial Solutions, the registered investment advisor launched by Cambridge Investment Research about a year agoacquired two practices with a combined $400 million in assets under advisement. Both practices were previously associated with Cambridge. The deals, which closed last month, bring BridgePort's total AUA to just over $2 billion.
In the first deal, the RIA acquired 100% of PearTree Advisory Group, a Roseville, California-based practice with approximately $275 million in AUA. PearTree was founded in 2006 by Brian Peardon and specializes in the ERISA retirement plan space, including 401(k)s, 403(b)s, Simple IRAs and SEP IRAs.
Separately, BridgePort also took full ownership of Premier Wealth Advisors, an Indianapolis-based firm with approximately $140 million in assets. Robin Hall started the firm in 2006, focusing on estate planning, business continuity, investment advisory and retirement income strategies for wealthy multigenerational families. Hall is also a real estate attorney.
“These latest agreements further BridgePort's purpose and commitment to providing advisors with tailored solutions for business continuity, succession planning and long-term growth that ultimately benefit clients,” said Eddie Rollins, managing director of BridgePort.
Since its inception about a year ago, BridgePort has made four 100% acquisitions — all previously of Cambridge advisers — and one minority acquisition of an outside firm.
Advisors who sell 100% of their equity become BridgePort employees and adopt the RIA brand, while those who sell a minority or majority stake retain their independent contractor status and brand.
In return, advisers who join the platform get access to the technology suite as well as “soft services” that Cambridge offers, such as hands-on management and business advice, lending services and outsourced services such as websites and marketing.
“It's not like the entrepreneurial business owner just wants to sell and walk away,” Rollins said. “A lot of people I've talked to are really concerned about, 'What happens when I go to my staff?' – career opportunities.”
Rollins said his firm spent most of 2024 building out the RIA infrastructure; they now have that proof of concept from an acquisition standpoint and can go to market in a bigger way. BridgePort initially targeted smaller, fee-only RIAs with between $50 million and $250 million in assets. But he said they are seeing more opportunities to buy in the $500 million to $1 billion range.
During the year, BridgePort also launched a tax business, which was created through the acquisition of Antaeus Wealth Advisors in Massachusetts.
Although the RIA uses many shared services with Cambridge, Rollins has also built its own in-house team. In December, he hired Nikki Bell as senior vice president of operations and service. Bell joined from Wealthspire Advisors, where he was senior vice president of the brokerage business.