Focus Financial Partners says two of its RIA partner firms have announced acquisitions that should close in early 2019, giving the wealth management consolidator momentum for another period of active deal-making: The Colony Group is adding Aurora Financial Advisors, and Gelfand, Rennert & Feldman is bringing on WG&S.
Boston-based Colony Group is set to acquire Aurora, a wealth management firm in Wellesley, Massachusetts, that was started in 2002 by Susan Miller, CPA, CFP, CDFA. Colony has over $6 billion of client assets, while Aurora has roughly $400 million.
Gelfand, Rennert & Feldman of Los Angeles says it is picking up WG&S, also of Los Angeles, founded by Eric Wasserman, Howard Grossman and Michael Sloan. WG&S has more offices in other parts of California, as well as in Delaware and Texas.
“Providing access to capital and operational expertise is key in facilitating mergers and acquisitions,” according to Focus CEO Rudy Adolf. “Through M&A, clients always benefit from a broader range of services and deeper bench strength.”
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In mid-December, Focus said the family office of Altman, Greenfield & Selvaggi of New York planned to join its ranks. In addition, its partner firm Buckingham Strategic Wealth of St. Louis announced that two groups were coming on board: Alpern Wealth Management of Pittsburgh and Griffon Financial Planning of Bend and Ashland, Oregon.