Mark Moehlman and Laine Ainsworth, principals of Wealth Management Network, an RIA based in Newport Beach, join Beacon Pointe Wealth Advisors as managing directors and equity partners. Wealth Management Network has $130 million in assets under management.

Beacon Pointe Advisors is an employee-owned RIA which provides fee-only services while the BPWA subsidiary is an “enterprise building partnership” between BPA, advisors and clients. The firm says it offers joining advisors access to the brand, best practices, scale and reporting of Beacon Pointe while providing a built-in succession plan.

“It’s about business continuity after the advisor retires, or about accelerating organic growth, or finding a partner to help identify qualified candidates to join you,” said Matt Cooper, president of Beacon Pointe, adding that the firm was “not building to sell”.

This is the third deal it has struck in the past 18 months, with advisors previously joining in Scottsdale, AZ, and San Jose, CA. It has near-term plans to expands into the Northwest, Denver, Dallas, Boston and Connecticut markets, as it looks to add 35 to 40 offices nationwide over the next 10 years. It is looking for qualified advisors in the $100 million - $300 million range to join as regional partners.

Beacon Pointe has over $5.5 billion in assets under management through its parent firm, Beacon Pointe Advisors.

M&A advisory firm Advice Dynamics Partners, which specializes in middle-market financial advisory firms, managed the process on Wealth Management Network’s behalf.