BridgePort Financial Solutions, the registered investment advisor launched by Cambridge Investment Research about a year ago, purchased two practices with a combined $400 million in assets under advisement. Both practices were previously affiliated with Cambridge. The deals, which closed last month, bring BridgePort’s total AUA to just over $2 billion.
In the first deal, the RIA bought 100% of PearTree Advisory Group, a Roseville, Calif.-based practice with about $275 million in AUA. PearTree was founded in 2006 by Brian Peardon and specializes in the ERISA retirement plan space, including 401(k)s, 403(b)s, Simple IRAs and SEP IRAs.
Separately, BridgePort also took full ownership of Premier Wealth Advisors, an Indianapolis-based firm with about $140 million in assets. Robin Hall launched the firm in 2006, focusing on estate planning, business succession, investment advisory and retirement income strategies for affluent multi-generational families. Hall is also an estate attorney.
“These recent deals further BridgePort’s purpose and commitment to provide advisors with tailored solutions for business continuity, succession planning, and long-term growth that ultimately benefit the clients,” said Eddie Rollins, managing director of BridgePort.
Since its launch about a year ago, BridgePort has made four 100% purchases—all of which were previously Cambridge advisors—and one minority acquisition of an outside firm.
Advisors who sell 100% of their equity become employees of BridgePort and adopt the RIA’s branding, whereas those who sell minority or majority stakes retain independent contractor status and their own branding.
In exchange, advisors who join the platform get access to the tech stack, as well as “soft services” that Cambridge provides, such as practice management and business consulting, lending services and outsourced services like websites and marketing.
“It’s not that the entrepreneur business owner just wants to sell and walk away,” Rollins said. “Many that I have spoken to are genuinely concerned, ‘What happens when I’m gone to my staff?’ The ability to have that practice management, that ongoing training for individuals, as well as—because we’re owned by a bigger entity—career opportunities.”
Rollins said his firm spent much of 2024 building out the RIA’s infrastructure; they now have that proof of concept from an acquisition standpoint and can go out to the market in a bigger way. BridgePort initially targeted smaller, fee-only RIAs with between $50 million and $250 million in assets. But he said they’re seeing more opportunities to acquire in the $500 million to $1 billion space.
During the year, BridgePort also launched a tax business, which was seeded through its purchase of Antaeus Wealth Advisors in Massachusetts.
Although the RIA uses many shared services with Cambridge, Rollins has also been building out his internal team. In December, he hired Nikki Bell as senior vice president of operations and service. Bell joined from Wealthspire Advisors, where he was the senior vice president of intermediary business.