Beacon Pointe, a Southern California-based registered investment adviser, 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 footprint in the Midwest, with Landmark offices in Lake Elmo and Farmington, Minn.; Hudson, Wis.; and San Jose, California.
“Beacon Pointe is ready to begin this exciting chapter and enter new US territory with Landmark,” Beacon Pointe President Matt Cooper said in a statement. “We aimed to establish a more significant presence in the Midwest, and the Landmark team seamlessly met our objectives.”
Landmark was founded in 1977 and is today led by partners John Underwood, Gary Tangwall and Todd Gillingham. They are joined by 33 team members, including future 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 Beacon Pointe deal announced earlier this monthincluding the acquisitions of Bridge Advisory, a firm based in Pasadena and Newport Beach, Calif. with approximately $460 million in client assets, and Charleston Investment Advisors, a firm based in Mt. Pleasant, SC-based with $140 million in client assets.
With more than 500 employees nationwide and 62 offices, Beacon Pointe expects to continue to focus on acquisitions, typically self-sourced, of practices with complementary cultures focused on financial planning.
In 2021, Beacon Pointe sold part of the business to private equity firm KKR.