NEW YORK--(EON: Enhanced Online News)--Focus Financial Partners, LLC (Focus), the largest partnership of independent wealth management firms, today announced that 17 independent registered investment advisors (RIAs) representing more than $1.6 billion in client assets have entered into succession agreements through its Focus Successions program since its launched a year ago. The Focus Successions program addresses one of the greatest challenges in the RIA industry – the continuity of wealth advisors – and utilizes the breadth of Focus partnerships to find succession partners for small to mid-sized advisory businesses.
“For Focus partner firms, Focus Successions is another avenue through which Focus, and its deep connections throughout the advisor community, can help create strong opportunities to leverage the breadth of the Focus partnership and the strength of its individual partners.”
Michael Paley, Managing Director of Focus, said: “The absence of robust continuity plans for small and mid-sized advisory practices remains one of our industry’s greatest risks. With our unparalleled transaction expertise, capital and breadth of partner firms, Focus has established itself as the go-to industry resource for succession planning. We are delighted with the industry response to the Focus Successions program and have added new talent to the Focus Successions team to help us address the interest the program has generated.”
Launched as a pilot in late 2012, Focus Successions is an industry-wide succession planning solution for advisory businesses. Focus Successions provides small- to mid-sized advisors with the ability to provide continuity of service to their clients should they wish to retire or in the event of an unplanned life circumstance. This is achieved by matching advisors with the existing Focus partner firm that offers the most similar business model including client-service model, investment philosophy and culture. Advisors participating in the program choose if and/or when to activate the succession plan, and if so, agree in advance to the terms under which a transition would occur. This model gives participants in Focus Successions the peace of mind in knowing that their clients, staffs and families are protected for the future, while not taking away any control from the advisor today.
“Focus Successions does a brilliant job of finding the appropriate candidates for a succession agreement and finding the right fit between firms to meet the continuity needs of our industry,” said Michael Nathanson, President of The Colony Group. “For Focus partner firms, Focus Successions is another avenue through which Focus, and its deep connections throughout the advisor community, can help create strong opportunities to leverage the breadth of the Focus partnership and the strength of its individual partners.”
The past year has revealed large interest and significant demand in the market, leading to 17 signed agreements with RIAs. The new firms that have signed agreements through Focus Succession are located throughout the United States and based in Arkansas, California, Georgia, Illinois, Maine, Maryland, Massachusetts, Michigan, New Jersey, New York, North Carolina, and Texas. Each advise on $20 million to $300 million in client assets. While the program is highly beneficial for many smaller qualified firms in the industry, it is also an attractive growth opportunity for Focus partners. Focus provides a guide on its patent pending program at http://focusfinancialpartners.com/business/succession.
“Advisors have an obligation to their clients, their families and themselves to prepare for expected and unexpected life events. I knew I needed to find the right solution and with our new partners at Dion Money Management and Focus, I can more confidently answer questions surrounding the transition of my practice,” said Tim Eddy of Latimer B. Eddy, CFP® in Massachusetts. “Focus and Dion Money Management made the process simple, and now I have not only gained peace of mind for me and my family, but also I know my clients will be protected and cared for should I no longer be able to serve as their trusted advisor.”
About Focus Financial Partners
Founded in 2006, Focus Financial Partners, LLC, is the leading international partnership of independent, fiduciary wealth management firms. With more than $65 billion in total assets and 27 partners, Focus provides unrivaled access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with wealth management, benefit and investment consulting services. Focus partner firms maintain their entrepreneurial independence, but benefit from the synergies, scale, economics and best practices of the market leader to achieve their business objectives. Focus was included on Inc. magazine’s 5000 ranking of the nation’s fastest-growing private companies in 2011 and 2010. 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.