Focus Financial adds $600M RIA from Louisiana

Summit Financial deal is ninth transaction of the year for Focus

Apr 2, 2014 @ 2:04 pm

By Mason Braswell

focus financial partners, summit financial, rudy adolf
+ Zoom

Focus Financial Partners has continued to build on recruiting momentum from the first quarter with the addition of an independent advisory firm with $600 million in client assets.

Summit Financial, an independent firm founded in 2003 in Lafayette, La., by two former Legg Mason advisers, joined Focus Financial Partners on Tuesday after having been affiliated with Wells Fargo Advisors Financial Network for the past eight years.

The acquisition of veteran advisers David Daniel, Tom Lambert, Michael Pharr and Fred Werner is the ninth deal so far this year for Focus Financial Partners and one of the largest deals for the firm in 2014.

(See also: Southwest Securities sold as part of merger)

In January, the firm picked up a wirehouse team that previously managed $1 billion in assets at UBS.

Summit Financial's joining the partnership will help Focus Financial Partners expand its reach farther into the Southeast, according to Focus founder and chief executive Ruediger “Rudy” Adolf.

Mr. Daniel said he had been in talks with Focus Financial Partners for more than three years and decided to finally make the move in order to get the capital and backing to help Summit Financial acquire other practices in the area.

“They've already come up with a list of some potential acquisitions,” he said. “We haven't been as successful in the past and wanted to bring them in for deal structure and obviously for the use of funding.”

“Focus has successfully supported more than 40 mergers for our partner firms, and we plan to do the same for Summit as they look to acquire new talent to further establish a regional presence in the Southeast,” Mr. Adolph said.

Focus Financial Partners, one of the largest aggregators of wealth management firms, has about $70 billion in client assets, up from about $60 billion a year ago.

Terms of the deal weren't disclosed, but firms generally join Focus Financial Partners in return for equity in the partnership and capital investment.

“Time will tell how successful it becomes, but we're optimistic,” Mr. Daniel said.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Ed Slott: 3 questions to ask before converting to a Roth IRA

To do a Roth conversion, money has to be spent. Here is what financial advisers and their clients should consider before they incur tax costs, according to Ed Slott, founder of Ed Slott's Elite IRA Advisor Group.

Latest news & opinion

Since banking scandal, Wells Fargo advisers with more than $19.2 billion leave firm

Despite a trying year, the firm has said it will sweeten signing bonuses for veteran advisers.

Is LPL's deal sweet enough for NPH's 3,200 reps and advisers?

They will have to decide if the signing package they are being offered by LPL makes sense. A lot is hanging in the balance.

Eduardo Repetto to leave Dimensional Fund Advisors

Gerald O'Reilly, currently co-CIO, will take over as co-CEO with David Butler.

Alternative strategies boomed after crisis, but haven't been tested

Because the S&P 500 has outperformed, convincing clients they need protection is a hard sell.

7 ways advisers fixed clients' biggest financial dilemmas

Sometimes it takes creativity, along with knowledge and outside help, to get a client out of a jam.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print