Newport Beach, CA – Thursday, April 1, 2021 – Beacon Pointe Advisors (“Beacon Pointe”) has just closed its largest acquisition to-date, partnering with Wealthstreet Investment Advisors (“Wealthstreet”), an RIA located in Dallas, Texas. Wealthstreet is the first firm to join Beacon Pointe with over $1B AUM. With the combination of Wealthstreet and Beacon Pointe’s existing office in Plano, TX (an acquisition completed in 2016), Beacon Pointe elevates its scale and density to greater than $2B+ in the DFW market, one of the nation’s fastest growing wealth centers …and more in this region is to come from Beacon Pointe.
“The Dallas-Fort Worth Metroplex represents one of the most attractive wealth markets in the country. After establishing a Texas presence in Plano in 2016, we are thrilled to expand our footprint to Dallas proper, The Park Cities and Preston Hollow,” states Matt Cooper, President of Beacon Pointe Advisors.
Wealthstreet has a phenomenal reputation in the Dallas community and has built its successful advisory business mainly from organic relationships and growth. Much of the success of the firm begins with the original founder Gerald Ray (Gerald L. Ray and Associates, Ltd. became Wealthstreet Investment Advisors in 2017). Gerald Ray’s exemplary leadership, his commitment to fiduciary service and his loyalty to his clients is unparalleled and is demonstrated throughout the entire professional Wealthstreet team. Joe Ray, Michael Kane, Michael Beck of Wealthstreet join Beacon Pointe as Managing Directors, with Leslie Reynoso and Lynette Heil also as equity partners. In addition, Christi Austin, Cyndi Shackelford and Vicki Smiley will join as professional staff.
“We could not be more excited about joining Beacon Pointe,” states Joe Ray. “In a world where scale and breadth increasingly matter, Beacon Pointe provides world class research, financial planning and alternatives capabilities while maintaining a culture of dedication and service that Wealthstreet clients have come to expect. My father went out on his own in 1977 as one of Dallas’s first independent RIAs believing in a relationship driven and client-centric approach. Beacon Pointe checks all these boxes and more. We look forward to our future together.”
“I’m continually humbled and excited to see our firm culture resonate so well with our RIA partners,” Shannon Eusey, CEO of Beacon Pointe Advisors, comments. “Culture is everything, and we are devoted to maintaining a positive environment where our expanding team and clients both synergistically benefit. The Wealthstreet team is a great fit for Beacon Pointe as both firms share a similar ethos.”
Joe Ray, J.D., son of Gerald L. Ray, has over 30 years of experience in equity and fixed income analysis and portfolio management. He practiced corporate and securities law prior to beginning his career as an Investment Advisor and earned his J.D. from the University of Texas at Austin and his B.B.A. from Emory University.
Michael Kane, CFA, has over 30 years of investment experience and began his professional career as a market marker at the Chicago Board Options Exchange. Upon completing his MBA at SMU, he accepted an investment management position with Weisberg & Fields, Inc. in Dallas, eventually becoming the firm’s President (Weisberg & Fields combined with Gerald L. Ray & Associates in 2009 which then became Wealthstreet in 2017). Michael has extensive experience working with individuals, families and foundations and is a Chartered Financial Analyst.
Michael Beck brings expertise in advising high-net-worth individuals and families, business owners, foundations, retirement accounts, and women in transition. He has over 35 years of experience in the financial industry, and prior to becoming a portfolio manager, he worked in investment banking and private equity. He received a B.A. in Economics and Business Administration from Vanderbilt University.
Leslie Reynoso is a Senior Wealth Advisor working with high-net-worth clients and has played an integral role in the development of Wealthstreet’s 401(k) services. Leslie graduated with honors from Southern Methodist University, earning both a B.B.A. in Finance and a B.A. in Spanish, and is a level II CFA Candidate.
Lynette Heil is a CPA with over 30 years of experience and is Wealthstreet’s CFO and CCO. Prior to joining Wealthstreet, she was a Director in both the Sarbanes Oxley and Financial Consulting Practice of Tatum, LLC. There, she worked with PE firms, providing project leadership, and serving as interim CFO for firms in transition. She earned a B.B.A. in Accounting from Texas State University.
The Wealthstreet transaction closed on April 1st and takes Beacon Pointe’s total acquired AUM north of $5+ billion and total firmwide AUA to approximately $14.5+ billion. Financial terms of the transactions were not disclosed. Wealthstreet was exclusively represented by Park Sutton Advisors, a leading investment bank to RIAs.
“I am so pleased to see some of my favorite folks coming together in an important strategic partnership,” states Steven Levitt, Founder of Park Sutton Advisors. “I have known members of the Wealthstreet team for over 20 years. I have known Beacon Pointe management for many years as well. This combined team shall be a force-to-be-reckoned-with in North Texas.”
Shannon Eusey and Matt Cooper of Beacon Pointe, and Joe Ray, Michael Kane, and Michael Beck of Wealthstreet are available for interviews upon request.
About Beacon Pointe Advisors:
Beacon Pointe Advisors is a multi-billion-dollar registered investment adviser headquartered in Newport Beach, California, with office locations and clients located nationally. Clients have long relied on Beacon Pointe’s professional advisors to help determine investment goals, establish asset allocation guidelines, screen investment managers for selection, evaluate fund performance, and develop strategic financial plans through our proprietary allWEALTH® approach. Our advisors’ extensive expertise and strong commitment to our clients can be seen through numerous awards, including being recognized by Bloomberg, Forbes, Financial Advisor Magazine, CNBC, Barron’s and more. For more information on Beacon Pointe’s wealth advisory services, please visit: www.beaconpointe.com.