California business acquires Falls Church wealth management firm

A California-based investment advisory firm has acquired Hemington Wealth Management, a Falls Church wealth management firm that also has an office in Chicago.

A spokesperson for Beacon Pointe Advisors declined to provide the financial terms of the deal.

With the acquisition of Hemington, which had $1.2 billion in assets under management, Beacon Pointe Advisors’ assets under advisement grows to $55 billion. Hemington will adopt the Beacon Pointe name, according to the Beacon Pointe spokesperson.

This is Beacon Pointe’s 12th transaction of the year and its fifth acquisition of a female-led firm.

Eileen O’Connor and Jen Dawson have run Hemington Wealth Management as co-founder and CEO, and owner and managing director, respectively.

“Our collaboration with Hemington celebrates the continued rise of women shaping the future of wealth management,” Matt Cooper, president of Beacon Pointe Advisors, said in a news release. “Eileen, Jen and their team embody our vision of client care and thoughtful guidance, and together, we’re expanding opportunities for women to lead, inspire and make a lasting impact in our industry.”

Hemington has served high net-worth individuals and families, with a specialty in supporting women through significant life transitions.

In 2011, O’Connor completed a study in connection with the Family Wealth Advisor Council, a network of independent, fee-only wealth management firms, titled “Women of Wealth: Why Does the Financial Services Industry Still Not Hear Them?”

The specialization made the firm a good fit for Beacon Pointe, which launched a Women’s Advisory Institute in 2011, a program which focuses on investment planning for women.

“From our earliest conversations, it was clear that Beacon Pointe shares our passion for empowering women and delivering thoughtful, values-driven advice,” Dawson said in the release.

O’Connor and Dawson are now partners and managing directors at Beacon Pointe. Ten professionals from Hemington Wealth Management will work in Falls Church, and another half-dozen will work in Chicago, according to the Beacon Pointe spokesperson.

O’Connor co-founded Hemington in 2013 with Ryon Beyer, who now works at Generational Private Wealth in Puerto Rico.

The firm was named in honor of O’Connor’s father, who dreamed of having a beach home. When that dream came to fruition, he named the home The Hemington.

Beacon Pointe’s acquisition of Hemington Wealth Management closed Nov. 15. Beacon Pointe Advisors has more than 650 team members across more than 80 offices.