Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Practice Management > Succession Planning

17 RIAs Sign Succession Deals via Focus Financial

Your article was successfully shared with the contacts you provided.

Focus Financial Partners, the advisor rollup firm led by CEO Rudy Adolf, said Tuesday that 17 independent RIAs with more than $1.6 billion in client assets have entered into deals with its Focus Successions program since the project launched last year.

The firm, which has $65 billion in total client assets and 27 wealth-management partners, notes that its succession planning solution helps small to midsize advisors provide continuous service to clients, should the advisors wish to retire or face an unexpected life event, by matching advisors throughout the different partners that are part of Focus.

“The absence of robust continuity plans for small and midsize advisory practices remains one of our industry’s greatest risks,” said Managing Director Michael Paley, in a press release.

“We are delighted with the industry response to the Focus Successions program and have added new talent to the Focus Successions team to help us address the interest the program has generated,” Paley added.

Last month, Focus said that one of its members, The Colony Group, merged with Prosper Advisors, an independent RIA with more than $300 million in client assets. Prosper is led by Dina Lee. It has offices in Armonk, N.Y., and Manhattan. Colony’s client assets stand at more than $3 billion.

“Focus Successions does a brilliant job of finding the appropriate candidates for a succession agreement and finding the right fit between firms to meet the continuity needs of our industry,” said Michael Nathanson, president of The Colony Group, in a statement.

The firms that have signed agreements through the program are based in Arkansas, California, Georgia, Illinois, Maine, Maryland, Massachusetts, Michigan, New Jersey, New York, North Carolina and Texas. Each has $20 million to $300 million in client assets.

Check out 2 Boston-Area RIAs Merge to Form $1.2 Billion Firm on ThinkAdvisor.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.