Buckingham Wealth Partners, a partner firm of Focus Financial, says it is buying registered investment advisor RNP Advisory Services for an undisclosed sum. Based in Silicon Valley, RNP works with about $425 million of assets.
RNP was started by Carl Reinhardt, who formed the fee-based wealth group Reinhardt Werba Bowen (or RWB) with Alan Werba and John Bowen several decades ago.
Their firm later became part of Loring Ward, a turnkey asset management platform, which merged with a unit of Buckingham in 2018 for $235 million. (RNP also was a client of Loring Ward and remained a client of Buckingham Strategic Partners after the deal.)
“With two sons now at Buckingham — along with leaders at Buckingham I have known professionally for many years — I know that RNP is in good hands,” according to Reinhardt, who is retiring. “I thank everyone who has helped and trusted me — and made the last 45 years for me both rewarding and fun.”
Buckingham’s latest moves comes about seven weeks after popular bloggers and financial planning veterans Michael Kitces and Jeff Levine joined Buckingham.
“Carl was among the very first in our industry to move toward a fee-based model … ,” said Buckingham Chairman and CEO Adam Birenbaum, in a statement. “We are honored that Carl has trusted us with his team, his clients and his legacy.”
Wealth advisors Daniel Newquist, Matthew Reinhardt (Carl’s son) and Daniel May make the move with Tracy Newquist and Karina Kingman. Carl’s son Erich Reinhardt is currently an advisory team leader at Buckingham Strategic Wealth.
“I know Buckingham will protect what we have built and take service to the highest levels in the future. I am delighted to have reached this agreement on behalf of my team and RNP’s clients,” Carl said.
“We are excited for the RNP team to join Buckingham … ,” according to Focus Chairman, CEO and founder Rudy Adolf. “Transactions like this further reinforce the value we offer to our partner firms as they benefit from our expertise and scale, as well as our leading M&A capabilities.”