August 5, 2013

Focus Financial Adds $400M RIA in Midwest

LaFleur & Godfrey join the partnership in Grand Rapids, Mich.; their firm is the fourth group to come on board this year

Focus Financial Partners, which brings together independent RIA firms, said Monday that LaFleur & Godfrey of Grand Rapids, Mich., had joined the partnership with some $400 million in client assets. This addition is the fourth transaction Focus has made in 2013.

Rudy Adolf“We launched Focus almost seven years ago to bring together fiduciary-minded RIAs to help them achieve their strategic business goals. LaFleur & Godfrey’s practice centers on high-touch service, deep client relationships and a drive for growth, all of which are attributes we look for in our partners,” said Rudy Adolf (left), founder and CEO of Focus, in a press release.

“The Midwest will continue to be an important geographic market for Focus, and we are excited to develop deeper ties and attract other talented advisory teams in this region,” added Adolf.

LaFleur & Godfrey has been in business since 1987, providing investment-management solutions to high-net-worth clients, as well as some financial-planning services.

“Focus is an industry leader in the RIA space and has a proven track record of helping entrepreneurs maximize their growth potential,” said Daniel VanTimmeren, a principal and co-founder of LaFleur & Godfrey, in a statement.

“Our ability to tap into a deep knowledge base and additional resources while remaining independent were key factors in our decision to join the partnership,” Van Timmeren explained. “We look forward to a truly collaborative relationship with Focus and its partners as we continue to develop our practice.”

Founded in 2006 with $3.5 billion in client assets, New York-based Focus has been expanding at a fast clip by adding veteran RIA and ex-wirehouse teams, a strategy that many firms in the business are pursuing aggressively to tap into the $3.2 trillion independent-RIA market.

The partnership said in mid-July that it had wrapped up 10 transactions and boosted client assets by $14 billion over the past 12 months. The group’s independent advisors and their practices had about $62 billion in client assets and more than $250 million in yearly revenue, it noted at the time.

Also last month, the private-equity firm Centerbridge Capital Partners said it would invest $216 million in the RIA partnership. This arrangement is expected to close in the third quarter, with Focus partners and management retaining a majority of their ownership in the company; Focus’ investors, Summit Partners and Polaris Ventures, will continue as shareholders.

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