Beacon Pointe Advisors today announced its acquisition of The Family Firm, a female-led registered investment advisor (RIA) with $857 million in client assets.
The acquisition brings Beacon Pointe’s total assets under administration (AUA) to $49 billion.
Based in Bethesda, MD, The Family Firm combines investment management services with personalized retirement planning and financial strategies, aimed at managing unique life circumstances for clients. It is led by Kate Fries and Stacy Bakri, whose aim in guiding women through life experiences and navigating finances propelled them to their work in The Family Firm.
Both leaders will join Beacon Pointe’s Women’s Advisory Institute, an initiative that highlights holistic wealth planning for women. As part of the acquisition, The Family Firm’s 10 retirement plan professionals will join Beacon Pointe.
“As we got to know Beacon Pointe’s leadership and shareholders, it was clear that they truly understand many of the unique challenges independent advisory firms face. Their creative problem-solving abilities, collaborative nature, and firm commitment to putting clients first give Kate and me great confidence that this partnership will only deepen the personalized care and support our clients have always counted on, trusted, and appreciated,” said Bakri, partner and managing director of The Family Firm, in a statement.
The acquisition is said to strengthen Beacon Pointe’s presence in Maryland. The firm currently has over 600 employees across more than 75 offices nationwide.
“The Family Firm’s female-led and family-rooted approach mirrors what we truly value, which is a business model that is deeply personal, community-focused, and built to last. We are excited to join forces and continue shaping the future of wealth management together,” added Beacon Pointe CEO Shannon Eusey.
The acquisition of The Family Firm formally closed on September 15. Alaris Acquisitions, an M&A advisory firm specializing in the wealth management industry, acted as the advisor for The Family Firm transaction.