Beacon Pointe Advisors, a registered investment adviser backed by private equity firm Abry Partners, has purchased Wealthstreet Investment Advisors, a Dallas-based RIA with more than $1 billion in assets under management, its largest acquisition to date.
The transaction takes Beacon Pointe’s total acquired assets under management north of $5+ billion and total firm-wide assets under administration to approximately $14.5+ billion. Financial terms of the transaction were not disclosed.
“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,” said Matt Cooper, president of Beacon Pointe Advisors.
Wealthstreet was founded by Gerald Ray in 1977 as Gerald L. Ray and Associates and became Wealthstreet Investment Advisors in 2017. Joe Ray, Michael Kane, Michael Beck joined Beacon Pointe as managing directors, with Leslie Reynoso and Lynette Heil also as equity partners.
“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,” said Joe Ray. “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.”
Joe Ray has more than 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 juris doctor from the University of Texas at Austin and his bachelor’s degree in business administration from Emory University.
Kane, a chartered financial analyst, has more than 30 years of investment experience and has experience working with individuals, families and foundations. He began his professional career as a market marker at the Chicago Board Options Exchange. Upon completing his MBA at Southern Methodist University, 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.
Beck has experience in advising high-net-worth individuals and families, business owners, foundations, retirement accounts, and women in transition. He has more than 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 bachelor’s degree in economics and business administration from Vanderbilt University.
Reynoso is a senior wealth advisor working with high-net-worth clients and has helped develop Wealthstreet’s 401(k) services. Reynoso graduated from Southern Methodist University, earning both a bachelor’s degree in finance and Spanish, and is a level II CFA candidate.
Heil is a certified public accountant with more than 30 years of experience and is Wealthstreet’s chief financial officer and chief compliance officer. Prior to joining Wealthstreet, she was a director in both the Sarbanes Oxley and financial consulting practice of Tatum LLC. There, she worked with private equity firms and served as interim CFO for firms in transition. She earned a bachelor’s degree in accounting from Texas State University.
Beacon Pointe Advisors is headquartered in Newport Beach, California, with office locations and clients located nationally.