DIXON, CA (MPG) – First Northern Bank announced Feb. 17 that it has acquired Beacon Wealth Strategies, an independent financial advisory firm owned by Tom Cicchini, in a move that expands the bank’s wealth management portfolio and increases its assets under management.
The acquisition folds Beacon Wealth Strategies into First Northern Advisors, a division of the bank. Cicchini will join First Northern Advisors during a transition period ahead of his planned retirement on June 30.
Bank officials did not disclose the purchase price or the total assets involved in the transaction.
Jeremiah Smith, president and chief executive officer of First Northern Bank, said the firm will integrate Beacon’s clients into its advisory division while maintaining service continuity. “Beacon Wealth Strategies has built a reputation for providing thoughtful, personalized guidance to its clients,” Smith said. “We are excited to welcome their clients to First Northern Advisors and look forward to continuing this legacy of trust and exceptional service.”
Cicchini founded and operated Beacon Wealth Strategies as an independent practice. Under the agreement, clients will continue to have their accounts managed through Raymond James, according to the bank. Officials said that structure will provide continuity in account management and access to investment resources.
The bank framed the acquisition as part of a broader effort to grow its wealth management services. It said the deal strengthens its platform and deepens its advisory team as Cicchini transitions out of daily operations.
The announcement did not state how many clients or employees will transfer as part of the acquisition, nor did it outline changes in fees, advisory structure or long-term staffing plans.
Cicchini will work with clients and staff during the transition period. After June 30, First Northern Advisors’ existing team will assume full responsibility for those accounts.