AlphaCore Buys N.J. Wealth Manager With $700M AUM

La Jolla, Calif.-based AlphaCore Wealth Advisory has acquired Brave Family Advisors, a boutique wealth practice in Summit, N.J., with $700 million in client assets under management. The registered investment advisor said the acquisition, which closed Friday, gives it its first location in Summit, N.J., and strengthens its presence in the Northeast, which it called one of the country's largest wealth management markets. “We are intentional about who we partner with and where we invest,” Dick Pfister, founder and CEO of AlphaCore, said in a news release. “Brave Family Advisors represents a foundational investment in our long-term strategy for expansion in the New York area. ... We believe the market presents a significant opportunity for growth over the coming years.” Founded in 1992, Brave has used a family-office approach to provide comprehensive, personalized services to high-net-worth and ultra-high-net-worth households for more than three decades. Led by Founder Brett Haire and President Scott Morrison, Brave, which also has an office in Tiverton, R.I., adds a team of eight professionals, including four advisors, to AlphaCore’s platform, according to the release. “The partnership reflects a multi-year relationship built on trust, cultural alignment, and a shared commitment to client service,” AlphaCore said in the release. “Beyond its regional presence, Brave stood out for its tenured advisory team, deep client relationships and shared commitment to providing a high-touch, boutique experience, closely aligning with AlphaCore’s client-first philosophy.” Brave clients will gain access to AlphaCore services, including in-house tax strategy and preparation, trust and estate coordination, philanthropic planning, family governance, and a specialized investment research team with deep private markets expertise, according to the release. AlphaCore also has a Family Office Services operation that stands to complement and enhance Brave’s family-office approach, firm officials said. "From our earliest conversations, it was clear that AlphaCore shared our philosophy on both clients and culture," Morrison and Haire of Brave said in a statement. In its most recent deal announced last month, AlphaCore, which is backed by private equity firm Constellation Wealth Capital, agreed to buy Elk River Wealth Management, a seven-person team with nearly $1 billion in client assets in Denver. The acquisition, expected to close in the seond period, also boosted AlphaCore’s total assets under management to $11 billion. Turkey Hill Management served as the financial advisor and Troutman Pepper Locke served as legal counsel to Brave, according to the release, while Sheppard, Mullin, Richter & Hampton was AlphaCore’s legal counsel.