Two registered investment advisors have merged to create a $3.7 billion advisory called Balefire, offering wealth management, tax planning, and retirement plan advice for businesses.
VisionPoint Advisory Group and Navitas Wealth Advisors will now operate on the same platform as Balefire. Both had previously been associated with LPL Financial but broke away years prior. With headquarters in Dallas but offices in 19 states and clients in 29 states, the combined firm will focus on affluent individuals, families and businesses.
Jason Hester, the former CEO of Navitas, and John Hoffman, the former CEO of VisionPoint, have become co-managing partners for Balefire. Navitas has been in operation since 2001, and VisionPoint was founded in 1982 and joined LPL in 2013, according to filings, though had since broken away, according to a spokesperson.
The firm will be pursuing a strategy that includes mergers and acquisitions and is targeting growth over the next decade to $42 billion in AUM, $215 million in revenue and more than 300 employees.
“While our strategic plan does include revenue and profitability benchmarks, it also focuses on stewardship and the impact we can make together,” Hester said in a statement. “Clients will see deeper bench strength, broader services and the same personal connection they’re accustomed to.”
In its announcement, the firm said advisors can reach out for a “confidential conversation” about joining Balefire. It highlighted “increased capacity through operational and client support, enhanced long-term business value and succession planning, scalable growth through proven business development strategies, and access to cutting-edge investment and planning processes—along with greater enjoyment and lifestyle flexibility.”
Consultancy Advisor Growth Strategies advised the two firms on the merger.
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