Beacon Pointe, a Southern California-based registered investment advisor, has made a significant move in the financial advisory landscape by acquiring Landmark Wealth Management Group, a Minnesota-based RIA managing approximately $1 billion in client assets. This acquisition marks Beacon Pointe’s fifth transaction of the year, further solidifying its growth strategy and expanding its footprint in the Midwest.
Key Takeaways
Acquisition Details: Beacon Pointe acquires Landmark Wealth Management Group, enhancing its assets under advisement to $38 billion.
Strategic Expansion: The deal aims to establish a stronger presence in the Midwest, with Landmark’s offices located in Lake Elmo, Farmington, Hudson, and San Jose.
Leadership and Team: Landmark, founded in 1977, is led by partners John Underwood, Gary Tangwall, and Todd Gillingham, along with a team of 33 members.
Recent Activity: This acquisition follows two others announced earlier this month, including Bridge Advisory and Charleston Investment Advisors.
The acquisition of Landmark Wealth Management Group is a strategic move for Beacon Pointe, which has been actively pursuing growth through acquisitions. With this deal, the firm’s total assets under advisement have reached an impressive $38 billion. The addition of Landmark not only increases their asset base but also enhances their service offerings in the Midwest region.
Strategic Goals and Expansion
Beacon Pointe has expressed a clear intention to expand its presence in the Midwest. According to President Matt Cooper, the acquisition aligns with their goal of establishing a more significant footprint in this region. The firm is particularly focused on acquiring practices that share complementary cultures and a commitment to financial planning.
Landmark Wealth Management Group Overview
Founded in 1977, Landmark Wealth Management Group has built a strong reputation in the financial advisory space. The firm is led by:
John Underwood
Gary Tangwall
Todd Gillingham
In addition to the founding partners, the team includes:
Bjorn Nesvold (Incoming Partner)
Chad Broberg (Incoming Partner)
Jennifer Beyl-Lee (Incoming Partner)
Tom Selbo (Incoming Partner)
Wealth Advisors: Cathy Jenson, John Levi, Kurt Haugen, Leah Brooks, Tammie Mark, and Jack McNamara.
This diverse team brings a wealth of experience and expertise, which will be invaluable as they integrate into Beacon Pointe’s operations.
Recent Acquisitions and Future Plans
This acquisition is part of a broader strategy by Beacon Pointe to grow through self-sourced acquisitions. Earlier this month, the firm announced two other acquisitions:
Bridge Advisory: Based in Pasadena and Newport Beach, managing approximately $460 million in client assets.
Charleston Investment Advisors: Located in Mt. Pleasant, managing $140 million in client assets.
With a total of 568 employees across 62 offices nationwide, Beacon Pointe is poised for continued growth. The firm’s focus on acquiring practices that align with its culture and values is expected to drive further expansion in the coming years.
Conclusion
The acquisition of Landmark Wealth Management Group is a significant milestone for Beacon Pointe, marking its commitment to growth and expansion in the financial advisory sector. As the firm continues to pursue strategic acquisitions, it aims to enhance its service offerings and strengthen its position in the competitive landscape of registered investment advisors.
Sources
Beacon Pointe Acquires $1B Minnesota RIA, WealthManagement.com.