Newport Beach-based Beacon Pointe Advisors has acquired two wealth management firms that add about $620 million in client assets.
It acquired CDA Group LLC, a Greenville, South Carolina wealth management firm with approximately $510 million in client assets, and Essex Wealth Management, a Vero Beach, Fla.-based firm with $110 million AUM.
CDA Group represents Beacon Pointe’s sixth regional office on the east coast and the fourth merger to close out the year of 2020.
“We are very excited to have CDA Group in Greenville, and Essex in Vero Beach, join Beacon Pointe’s collaborative platform of amazing partner offices,” Chief Executive Shannon Eusey said in a statement. “These are extraordinary times, and I cannot wait to see how together we are able to serve our clients even better through our partnership.”
Eusey in 2002 started Beacon Pointe, which now has $12.6 billion in assets under advisement and more than 17 offices across the U.S. Eusey last year told the Business Journal the firm intends to expand to 50 offices nationwide.