NEW YORK & BOSTON--(EON: Enhanced Online News)--Focus Financial Partners, LLC, America's largest partnership of independent wealth management firms, announced today that Prosper Advisors, an independent RIA with over $300 million in client assets, has merged with The Colony Group. Based in Armonk, NY, with a satellite office in Manhattan, Prosper was established by President and Founder Dina Lee, CPA, PFS, CFP®. Following the close of the transaction on October 1, Colony’s client assets stand at more than $3 billion.
“Dina has built a firm that is fully dedicated to providing clients with a first class experience and created a culture that is committed to the creation and preservation of clients’ wealth”
Established in 2002, Prosper provides wealth and investment management, as well as estate and tax planning services. In the competitive New York market, Prosper has amassed more than 60 high-net-worth families and individual clients over the last decade. The average client household has approximately $5 million in investable assets. Both Colony and Prosper have a legacy of serving high-net-worth and ultra-high-net-worth individuals and families.
“Dina has built a firm that is fully dedicated to providing clients with a first class experience and created a culture that is committed to the creation and preservation of clients’ wealth,” said Michael Nathanson, CEO of The Colony Group. “This mirrors our 27-year-old service model, which ultimately is why we were able to create this partnership.”
With an extensive, three-decade background in the wealth management industry, Ms. Lee was previously a managing director at the U.S. Trust Company and a partner at Ernst & Young. She also has served as President of the Estate Planning Council of New York City and Vice President and Director of the New York State Society of CPAs.
“We found in Colony a rare partner that shares our values and an uncompromised approach to act in our clients’ best interests. It is as much a natural fit for Prosper as it is for our clients,” said Ms. Lee, who will serve as President of Colony’s Family Office and Managing Director of its NY Metro offices. “This merger augments our scale and in-house resources, ensuring our clients have access to an even deeper bench of accomplished advisors.”
Michael Paley, Managing Director of Focus, said: “As the industry continues to consolidate, we remain keenly focused on supporting our partners’ strategic growth aspirations. This transaction and Colony’s impressive growth since joining the Focus partnership exemplify the value-added support and resources we bring to all of our partners.”
Colony joined Focus in October 2011, and, over the last two years, has grown client assets from approximately $1.3 billion to more than $3 billion. This combination represents Colony’s second successful merger in the last eighteen months. The first – its merger with Mintz Levin Financial Advisors – closed in July 2012.
As part of the firm’s continued expansion, Colony recently announced the appointment of Joseph Salvati to Senior Vice President in charge of the firm’s Florida offices, as well as the hire of Jack Clark as Senior Associate Financial Counselor to work alongside Mr. Salvati in the Naples office.
About Focus Financial Partners
Founded in 2006, Focus Financial Partners, LLC, is the leading international partnership of independent, fiduciary wealth management firms. With over $65 billion in client assets, Focus, through its 27 partner firms, provides wealth management, benefit and investment consulting services to individuals, families, employers and institutions. Clients benefit from Focus’ independence, as well as unrivaled access and continuity. Focus principals maintain their entrepreneurial independence, benefit from the synergies, scale, economics and best practices of the market leader and achieve an eventual, smooth ownership transition. Focus was included on Inc. magazine’s 5000 ranking of the nation’s fastest-growing private companies in 2011. In 2012, Focus was named a Crain’s New York Business “Fast 50” growth firm in New York City. For more information, please visit www.focusfinancialpartners.com.
About The Colony Group
The Colony Group, LLC is an independent, fee-only, wealth management company with over $3 billion in assets under management and offices in Massachusetts, New York and Florida. Founded in 1986, The Colony Group provides high-net-worth individuals and families, corporate executives, professionals, and institutions with deep expertise that goes beyond investment management and also encompasses the full suite of financial counseling services, including tax, estate, retirement, and philanthropic planning, asset allocation, and cash and risk management. Earlier this summer, Financial Advisor magazine ranked the company as the 10th fastest growing registered investment advisor in the country based on its growth of assets under management from 2011 to 2012. For more information, please visit www.thecolonygroup.com.