Beacon Pointe hires $300M advisor as talent drives industry moves

Beacon Pointe Advisors added a financial advisor who managed nearly $300 million in client assets on behalf of more than 220 households at her prior firm.

Planner Jennifer McCosley joined the Greensboro and Durham, North Carolina-based offices of Beacon Pointe, a KKR-backed registered investment advisory firm consolidator out of Newport Beach, California, that has about $28 billion in assets under advisement across 45 locations, the firm said on May 9. She left another RIA in Greensboro, Triad Financial Advisors, to go to Beacon Pointe. Unlike many teams that have joined Beacon Pointe in recent years, though, McCosley changed her RIA affiliation without selling an advisory practice.

Beacon Pointe Advisors

Her decision stemmed from "the breadth and depth of the investment experience" enabled by Beacon Pointe's negotiated discounts with product sponsors of all kinds and "the fact that they have so much support available to their advisors," McCosley said in an interview.

"I wasn't actually looking for a change," she said. "I think sometimes the best things happen that way."

"We all wish Jennifer great success in her new role and appreciate her years of service," Triad CEO Patrick Rush said in an email.

Talent identification and retention act as key drivers in many M&A deals and recruiting moves across the industry, with the need for a succession plan as a common motivator. Advisors build lasting relationships with clients, who in turn pay recurring advisory fees that add up to reliable revenue for wealth management firms and the investors of all types deploying capital into them.

For example, the executives who took wealth and asset manager Alvarium Tiedemann Holdings public earlier this year view a commitment to "bringing on the right people" as an essential component to any move or deal, CEO Michael Tiedemann said last week in a speech about the company at a conference held by investment banking firm Republic Capital Group.

"This is an ultimate human capital business," Tiedemann said. "So retaining talent, grooming talent, grooming the next generation, creating a really great shared culture of information — a diverse culture, where everyone wants to see others succeed — is really critical."

Industry News

Beacon Pointe acquires HNW RIA in its largest deal this year

April 17, 2023 5:11 PM

Beacon Pointe received a valuation of more than $1 billion as part of KKR's majority-stake investment in the firm in 2021, when it had 18 fewer offices and $8 billion less in client assets. The firm has publicly shared a goal of reaching $200 billion someday. Beacon Pointe made the list of the top 10 most active acquirers in 2022 after announcing at least nine acquisitions last year, according to investment bank and consulting firm Echelon Partners. 

McCosley will be "an impactful member" of the Women's Advisory Institute at Beacon Pointe, CEO Shannon Eusey said in a statement. The 12-year-old program focuses on providing women and their families "with peace of mind and the ability to meet their long-term life and legacy goals" and guiding the clients "through monumental life transitions," according to its website. In her new role as a senior wealth advisor with Beacon Pointe, McCosley reports to managing directors Jeff Hwang, Chuck Carrick and Sheryl Austin.

"Jenny is a true role model for our Beacon Pointe team and communities alike — she showcases thought leadership and demonstrates how to positively make a difference, all while simultaneously helping her clients achieve their desired financial objectives and removing burdens where possible so clients can enjoy living their lives as stress-free as possible," Austin said in a statement.

McCosley formally joined Beacon Pointe on April 6, according to SEC records, which note that she spent eight years with the prior firm. Before going to Triad, McCosley had tenures with a family office and a bank after her graduation from Campbell University in 2008. 

At Beacon Pointe, she plans to put her expertise in trusts and estates and her Chartered Advisor in Philanthropy designation to use on behalf of the firm, as well as her personal experiences.

High net worth

What advisors should know about clients with special needs

August 7, 2018 3:35 PM

McCosley has two adult siblings with disabilities who live with her parents, and she's the chair of the board at Peacehaven Community Farm, which is a residential community in North Carolina for people with special needs that is also a sustainable farm.

"It's an amazing program. I've really enjoyed being part of it, and I can look at my siblings and say, 'They're going to need something like this. Very many people need something like this,'" McCosley said. "As I'm going into this next chapter in my career, I want to focus on bringing all of that together."