Registered independent advisory firm Beacon Pointe Advisors announced Wednesday that Matthew Cooper, the firm’s longtime president, has succeeded Shannon Eusey as CEO.
Eusey, who co-founded the Newport Beach, California-based RIA in 2002, will step into the role of chair of the firm’s board of directors, shifting her focus, she said, toward vision, governance and strategic stewardship.
“Beacon Pointe’s strength has always been its people and its foundation of fiduciary responsibility,” she said in a statement.
Evolution and Growth
Under Eusey’s leadership, Beacon Pointe evolved from a regional outfit into a national firm with over 90 offices and more than 750 team members. As of late January, it oversaw $60 billion in assets under management and $2.5 billion in assets under advisement.
Much of that growth came via acquisitions. Speaking about the challenges faced by small RIAs at the 2024 Future Proof Festival, Eusey said that, “It’s really hard to scale. That’s why you’re seeing a lot of M&A in the space, because firms are having a hard time pivoting out of doing everything for their particular firm.”
Leadership Transition
Cooper, who served as president of Beacon Pointe for 15 years, has been credited as the force behind many of the firm’s deals. The firm, which often characterized its acquisitions as strategic integrations, has long positioned itself as a home for RIAs looking for scale and resources.
“It is a privilege to assume the role of chief executive officer and build upon the extraordinary foundation Shannon has created,” Cooper said in a statement. “Her vision, integrity and leadership have shaped Beacon Pointe into the firm that it is today. I look forward to continuing to further our mission of delivering independent, client-first advice while driving thoughtful growth and innovation alongside an outstanding team of leaders across the organization.”
Fiduciary Roots and Private Equity
Eusey developed her vision for a fiduciary-focused independent RIA in 2001, when she was working at a Los Angeles wealth firm while at the same time earning her MBA. The following year, she launched Beacon Pointe with her father, Garth Flint.
“When we started in 2002, fee-only was unique,” Eusey told Financial Planning for a 2022 feature. Selling a stake of the firm to private equity “is the evolution,” she said.
Private equity giant KKR became a minority stakeholder in 2021 in a deal that valued Beacon Pointe at more than $1 billion.
Conclusion
Beacon Pointe Advisors’ leadership transition marks a significant milestone in the firm’s journey from a regional outfit to a national powerhouse in the RIA space. With Shannon Eusey assuming the role of chair and Matthew Cooper stepping up as CEO, the firm is poised for continued growth and innovation in the years to come.
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