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Alternative Investment

AlphaCore Wealth Advisory Expands to the East Coast with Acquisition of Magnolia Lane Financial Advisors

The firm’s expansion yields increased resources and capacity to meet the demand for an alternative-focused investment approach combined with holistic wealth planning

SAN DIEGO, January 10, 2023–(BUSINESS WIRE)–AlphaCore Wealth Advisory, a leading wealth advisory firm based in San Diego, California, announced today the acquisition of Magnolia Lane Financial Advisors, a wealth advisory firm based in Greenwich, Connecticut with an office in Hilton Head, South Carolina.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230110005736/en/

AlphaCore Wealth Advisory CEO Dick Pfister Discusses Acquisition of Greenwich-based Magnolia Lane Financial Advisors. (Photo: Business Wire)

As a result of this deal, AlphaCore will open its first East Coast offices also in Hilton Head and Greenwich. Magnolia Lane founder and experienced wealth advisor and portfolio manager Eric Gerster will join AlphaCore as the firm’s Chief Investment Strategist.

Mr. Gerster founded Magnolia Lane in 2015 and has served as the firm’s CEO since its launch. Gerster’s background includes wealth advisory expertise and a thorough understanding of effective alternative investment strategies. His career includes working as a Vice President and Global Credit Officer at JP Morgan and as an Equity Analyst and Portfolio Manager for T. Rowe Price. He also spent a decade managing long and short equity hedge funds for the global hedge fund firms Point 72, Guggenheim, and Millennium Management. Mr. Gerster will be a valuable addition to the AlphaCore Wealth Advisory investment committee and will help spearhead the growth of AlphaCore’s East Coast presence.

“We are excited to bring on like-minded team members and expand into the Hilton Head, SC and Greenwich, CT areas. As our footprint widens, so do the resources and service capabilities we offer our clients,” says Dick Pfister, AlphaCore’s CEO. “It is critical that the firms we choose to partner with share our dedication to combining the best in wealth planning as well as incorporating alternatives in a diversified portfolio. Eric checks all the boxes and will be incredibly valuable to AlphaCore’s team and clientele.” The newly acquired firm shares AlphaCore’s focus on holistic wealth advisory services: reviewing a client’s entire wealth picture and providing access to innovative investments with core allocations to alternative strategies.

“In seeking a firm with which to partner, I have been focused on adding value for our clients, gaining operational efficiencies, and having an excellent cultural fit. AlphaCore became the natural choice for us on all levels,” said Gerster. “We are excited to provide our clients with access to the AlphaCore Wealth Advisory platform and resources, which we feel will ultimately enhance the client experience.”

The acquisition of Magnolia Lane Financial Advisors is the fourth strategic acquisition AlphaCore has completed in the past four years. Complementing its organic growth with targeted acquisitions, AlphaCore ensures the highest level of service and investment management expertise. This acquisition comes shortly after several strategic new hires and expansion into Northern California with an office in Sacramento and into Arizona with the opening of a Scottsdale office.

About AlphaCore Wealth Advisory

AlphaCore is a wealth advisory firm with a national presence dedicated to helping clients build and preserve their wealth. The firm combines sophisticated wealth planning techniques combined with investment management services prepared for the unique market environment investors face today. The firm supports its advisers with dedicated research, customizable models, client performance reporting tools, financial planning tools, and operational and marketing resources. In addition, all advisers benefit from support in legal and compliance, human resources, and hosted information technology. The firm has offices in La Jolla, CA, Scottsdale, AZ, Greenwich, CT, Hilton Head, SC, and Sacramento, CA. For more information, please contact us via phone at 858-875-4100 or via email at info@alphacorewealth.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230110005736/en/

Contacts

Alexa Bartusiak
412-519-7265
AJB@wealthmattersconsulting.com

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