Focus Financial Partners said Wednesday that it has struck a deal to acquire Fairway Wealth Management, an RIA with $1.6 billion of assets under management.
The acquisition is the fifth “partner” deal so far this year for Focus Financial and its 15th transaction of 2020. Terms of the deal were not disclosed.
“Fairway will be our first partner in the Cleveland area, further expanding our presence in the important Ohio and Midwest wealth management markets,” said Focus CEO Rudy Adolf in a statement.
“They will also strengthen our presence in the ultra-high net worth client segment through an innovative approach that combines family office capabilities with integrated planning services,” Adolf explained.
Focus Financial [FOCS] has more than $200 billion in client assets across its partnership of 65 firms.
Fairway Wealth was founded in 2002 by Dan Gaugler and Mark Weiskind, to focus on high and ultra-high net worth individuals and families. It uses a fee-only model. Both Gaugler and Weiskind were previously with Deloitte Touche.
The RIA hopes to leverage the Focus partnership to “accelerate” growth and support M&A activities, said Weiskind in a statement, adding that “joining Focus allows us to maintain our operational independence while creating future partnership opportunities for our next generation of talented leaders.”
In August, Focus added Seasons of Advice Wealth Management of New York, a $675.5 million RIA with a focus on environmental, social and governance investing. Before that the RIA aggregator announced its purchase of InterOcean, a $2.5 billion RIA in Chicago.
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