Beacon Pointe Advisors, a registered investment adviser headquartered in Newport Beach, California, has purchased CBD Wealth Management, a wealth management firm with $690 million in client assets, its largest deal to date.
CBD Wealth Management is located in the New Orleans suburb of Metairie, Louisiana, and represents clients throughout the entire state. The company brings to Beacon Pointe 11 additional team members, including partners Rocky Daigle, Bobby Comeaux, and Walter Bond, who join Beacon Pointe as managing directors and partners.
Daigle was originally a practicing attorney, and turned to building a financial planning business, founding CBD Wealth Management in partnership with Comeaux and Bond in 2000. He oversees CBD’s corporate retirement plan division and was recognized as one of the best-in-state wealth advisors by Forbes Magazine.
Bond has a background as a practicing attorney where he focused in the areas of defense litigation and estate planning. Now, he specializes in advising business owners and retirees including clients retiring from Chevron and Entergy.
Also beginning his career as an attorney, Comeaux oversees CBD’s investment and operational functions and assists clients with their retirement and business planning needs.
“Joining Beacon Pointe, ranked by Barron’s as one of the top 30 RIA firms in the nation, will give us access to enhanced resources, including a larger investment management team, a broader financial planning department, and enhance our management of 401(k)s and other retirement plans, all resulting in a better experience for our clients,” Walter Bond said. “Moreover, this partnership provides our team members with a clearly defined career path to aid in retention and attraction of talented professionals.”
CBD is Beacon Pointe’s second merger since its partnership with minority investor Abry Partners earlier this year.