Focus Financial Adds $1.5B RIA in North Carolina: Recruiting Roundup

Focus Financial Partners said it recently added the RIA Eton Advisors of Chapel Hill, North Carolina. The first group to join it in North Carolina, the team includes 11 professionals and has some $1.5 billion in client assets.

Co-founders Robert Mallernee, Jack Parham and Teresa Eriksson previously worked together at US Trust and UBS, deciding to form their own RIA in 2009.

 “Focus’ emphasis on entrepreneurial autonomy particularly resonated with us. When paired with access to capital and best practices from other high caliber firms, Focus quickly emerged as our ideal partner,” Erikkson said in a statement.

The team has multi-generational relationships with ultra-high-net-worth clients in over 20 states, Puerto Rico and Canada. Its next-generation leaders — Brad Dalton, John Wallace, Dexter Blackwell and Kendra Fortier — joined the co-founders to form the new management team.

“We are delighted to welcome Eton Advisors to the Focus partnership,” said Rudy Adolf, Founder and CEO of Focus, in a statement. “This deal not only extends Focus’ footprint to North Carolina, but it also boosts the partnership’s foothold in the UHNW space.

Kestra M&A News

Independent-advisor platform Kestra Financial, says it acquired the wealth-management firm Rinvelt & David. Based in Grand Rapids, Michigan, Rinvelt & David was founded by Robert M. Rinvelt and Roger J. David. Members of the team have over 50 years of experience and manage about $275 million in assets.

“This new chapter offers us the additional tools and resources needed to build a lasting legacy for our firm and the clients we serve,” said Rinvelt said in a press release.

“This partnership is representative of our best-in-class advisor solutions and the advanced resources that Kestra offers its advisors,” explained Kestra President & CEO James Poer, in a statement. “Kestra Financial is a motivated buyer of businesses led by sophisticated advisors who have a proven track record of delivering effective financial advice, tenets we found in Rinvelt & David, LLC.”

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Dynasty Financial Partners recently announced that it has a new member: Schmidt Financial Group of Kirkland, Washington, an independent RIA managing more than $300 million in client assets.

Schmidt Financial was started in 1993 by Glenda Schmidt, who taught financial planning seminars on Microsoft’s Redmond campus for more than a decade. The team now has clients who work for Amazon, Google, Facebook and more.

“Glenda, Evan and their team at Schmidt Financial Group have extraordinary experience in working with successful technology entrepreneurs and professionals,” said Shirl Penney, Dynasty’s CEO, in a statement. “We are proud to welcome them as a Dynasty Network Advisory Firm.  We are looking forward to partnering with them to better serve their existing clients and to position their firm for future growth.”

The firm “developed a distinctive business model that has successfully supported our clients’ high net worth lifestyles,” explained Schmidt, founding principal, in a statement. “Over that [25-year] time span, what began as individual relationships has grown into family household relationships serving multiple generations.”

According to son Evan Schmidt, “Working with Dynasty Financial Partners, I’m excited to position the firm for future expansion by focusing on executives and technology professionals experiencing sudden wealth through acquisitions and going public.”

Schmidt Financial works with Pershing Advisory Services, Addepar and Dynasty Financial Partners to provide service to its clients.