AlphaCore Acquires $1.5B RIA in D.C. Metro Area

Core Insights - AlphaCore Wealth Advisory has acquired SPC Financial, expanding its assets under management to over $8.5 billion and increasing its workforce to 100 employees [2][5][8] Company Overview - AlphaCore Wealth Advisory, based in La Jolla, California, manages $6 billion in assets and focuses on alternative investments [1][6] - SPC Financial, located in Rockville, Maryland, has $1.5 billion in assets and serves over 2,000 families in the Washington, D.C. area [2][4] Acquisition Details - The acquisition of SPC Financial includes eight financial advisors and 28 additional staff members, enhancing AlphaCore's East Coast presence [2] - The deal is expected to close in the fourth quarter of 2023 [2] Historical Context - SPC Financial was founded in 1970 and was affiliated with Raymond James Financial Services for 41 years before becoming a standalone RIA in 2024 [3] - The firm specializes in integrating tax and estate planning into financial planning and portfolio management [4] Strategic Focus - AlphaCore emphasizes alternative investments as a key differentiator in its asset allocation strategy, alongside traditional asset management and financial planning services [6] - The firm aims to cultivate a community of clients and professionals who share its vision for the future of wealth management [8]