Cornerstone has eight offices in North Carolina, South Carolina and San Francisco, as well as about $1.3 billion client assets. It includes more than 15 financial advisors and investment professionals, some of whom work on retirement-plan consulting.
“We had been looking for a partner who would help the Cornerstone team elevate our firm to the next level. Focus turned out to be a perfect fit for us because of its ability to provide us superb access to capital, expertise in M&A and value-add growth support,” said Cornerstone CEO Craig Rubrecht, in a statement.
“We are excited to partner with and support the outstanding entrepreneurial vision of the Cornerstone team as they embark upon the next stage of their growth,” explained Chris Dupuy, president of Focus Independence, in a statement. “Cornerstone’s strong presence and reputation in the Carolinas make it a great platform for future M&A transactions that can bring together the fragmented RIA market in the region.”
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“Last year was our biggest ever in terms of growth and with this expansion of our presence in Santa Fe, we’re off to a promising start for 2018,” said Kimberly Papedis, head of National Sales & Platform Strategy at HighTower, in a statement.