2023 has been a year of growth and expansion for La Jolla-based AlphaCore Wealth Advisory. Earlier this year, the firm completed two acquisitions, Connecticut-based Magnolia Lane Financial Advisors and Denver-based Johnston & Associates – marking five acquisitions in five years. Alongside the expansion of new teams, AlphaCore also completed another growth initiative: securing Constellation Wealth Capital (CWC) as a strategic investor. The San Diego Business Journal spoke with Dick Pfister, AlphaCore CEO and founder, to learn more.
As CWC’s first investment, AlphaCore was selected due to its “impressive growth track record, innovative approach to wealth management, and expertise in alternative and private markets investing.” Meanwhile, Pfister says that he knew this partnership was the right one for AlphaCore because they possessed all the qualities the firm was searching for when they began the planning process to bring in a strategic investor last year.
“I wanted a minority investor that would be willing to give us capital, help us with strategic planning and scalability while leaving our key team in control,” Pfister explains. “They’re not looking to grow this thing 300% and sell it in 36 months. That’s not their mentality. Their mentality is to hold their investment for 10-12 years. That’s exactly what I was looking for.”
Pfister tells the publication that AlphaCore plans to utilize the undisclosed investment to promptly hire operational and customer service staff, establish a research team and onboard additional certified financial planners, primarily based in the firm’s La Jolla office. Over the long term, he plans to utilize the investment for strategic acquisitions.
AlphaCore’s acquisitions in 2023 and the investment from CWC follow the firm’s already impressive growth, which began with zero assets at its founding eight years ago to its current standing at $2.6 billion. “That’s pretty quick in the RIA space,” says Pfister. “We were the fastest growing RIA in California last year.”
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