Two independent advisers managing $350 million join Focus Financial-based firm in Mass.

Donald Carman and Michael Hickey move to Atlas Private Wealth Management, dissolve previous firm

Jan 14, 2014 @ 11:55 am

By Trevor Hunnicutt

independent adviser, focus financial
+ Zoom

Two independent financial advisers managing $350 million have joined a Focus Financial Partners-backed firm in the wealthy Berkshires Mountains area of Massachusetts, the chief executive of the firm, Atlas Private Wealth Management, said Tuesday.

Atlas chief executive Gregory Britton said that the advisers, Donald Carman and Michael Hickey, bring more than three decades of experience in financial and tax planning apiece to his Williamstown, Mass.-based firm, which is an hour's drive from New York's state capital, Albany.

“What this is going to help us to do as an organization is to provide the scale to get to the next level,” said Mr. Britton, alluding to securities research and technology investments that the firm can now more easily make.

Mr. Carman and Mr. Hickey are dissolving their previous independent firm, Albany Financial Planners Inc.

The deal closed this month. Details of the transaction weren't disclosed.

“We looked at what the future of the firm would be and how we could best serve clients,” said Mr. Hickey, who said that his firm had also been approached by other firms interested in a deal. “One of the things in addition to being able to work with Greg and his team is that Focus allows the offices to run independently.”

Atlas, which was previously known as Dion Money Management, was acquired by the then-new Focus in 2007. Now Atlas manages $1 billion for its clients.

Focus chief executive Ruediger "Rudy" Adolf said last week that he expected that the firm would be swift in making deals this year, having secured $550 million in credit from a dozen financiers for possible transactions.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Why are most advisers stuck in the trenches?

What are top advisers doing to stand out? Scott Conroy of Carson Group offers some strategies for success.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

TD Ameritrade triples time before it charges fees on popular ETFs

Extending free trading of Vanguard and iShare ETFs to January.

Trump rejects idea of new caps on 401(k) savings in tax plan

GOP reportedly had been considering reducing the cap on the annual amount workers can set aside for 401(k)s.

Finra's stats reveal an industry in decline

The broker-dealer regulator reports fewer entities under its watchful eye.

T. Rowe Price steps up its game to serve financial advisers

The Baltimore-based mutual fund giant is more aggressively targeting financial advisers with a beefed-up wholesale crew and placement on custodial platforms.

The most important tax changes for 2018

The Internal Revenue Service issued inflation adjustments to more than 50 tax provisions for 2018.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print