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

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

INTV

When can advisers expect an SEC fiduciary rule proposal and other regs this year?

Managing editor Christina Nelson and senior reporter Mark Schoeff Jr. discuss regulations of consequence to financial advisers in 2018, and their likely timing.

Recommended Video

Path to growth

Latest news & opinion

Bond investors have more to worry about than a government shutdown

Inflation worries, international rates pushing Treasuries yields higher.

State measures to prevent elder financial abuse gaining steam

A growing number of states are looking to pass rules preventing exploitation of seniors.

Morgan Stanley reports a loss of advisers after exiting the protocol for broker recruiting

The firm said it lost 47 brokers in the fourth quarter, the most in any quarter of 2017.

Morgan Stanley's wealth management fees climb to all-time high

Improvement reflect firm's shift of more clients into fee-based accounts priced on asset levels, which boosts results as markets rise.

Legislation would make it harder for investors to sue mutual funds over high fees

A plaintiff would have to state in their initial complaint why fiduciary duty was breached, and then prove the violation with 'clear and convincing evidence.'

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print