Metairie wealth management firm makes merger

Listen to this article

Metairie-based CBD Wealth Management has merged with California-based Beacon Pointe Advisors, one of the largest independent registered investment advisory firms in the nation.

A news release Monday said CBD’s 11 employees will join Beacon Pointe, including its three partners, Rocky Daigle, Bobby Comeaux and Walter Bond, who founded CBD 20 years ago. They will join Beacon Pointe as managing directors and partners.

CBD has $690 million in assets under management/advisement. Financial terms of the transaction were not disclosed.

“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,” Bond said. “Moreover, this partnership provides our team members with a clearly defined career path to aid in retention and attraction of talented professionals.”

It will be Beacon Pointe’s second office in the South and its second merger since its partnership with minority investor Abry Partners earlier this year. Beacon Pointe announced the acquisition of Florida-based Ferrell Wealth Management, Inc. in March.

That transaction brought Beacon Pointe to a total of 16 offices and more than $11.5 billion in total assets under advisement.

To sign up for free CityBusiness updates, click here.