The changes continue at Focus Financial as the firm announces another merger of firms within its network. The independent wealth network unveiled an agreement under which GW & Wade – a Wellesley, Massachusetts-headquartered practice – will join fellow Focus Financial partner firm The Colony Group.
The merger will see GW & Wade's substantial $10.4 billion in assets under management as of the end of 2023 integrate with Colony's impressive $21.1 billion of AUM.
GW & Wade – a firm with deep roots in the Focus Financial partnership since 2007 that's co-led by principals Roger Wade and Tim Pinch – brings a wealth of experience in tax planning, financial planning, asset management, and retirement and estate planning to the table.
"We strive to have a positive impact on the lives of our clients and to help them achieve their financial goals," Wade said in a statement.
"We know Michael Nathanson and the Colony team share these values, which is one of several reasons we are excited to join forces with another industry leader in wealth management," Pinch added.
This strategic amalgamation not only enhances the collective financial and advisory capacity of the two firms but also underscores Focus Financial's commitment to fostering growth and collaboration among its partner entities.
Michael Nathanson, CEO of The Colony Group – who was named to the additional role of president of Focus at the end of January – expressed optimism about the merger's potential to enhance client services and foster long-term growth.
"It is exciting to see two of our outstanding wealth management firms joining forces,” Nathanson said. “We expect that, through opportunistic mergers such as this one, Focus will continue to facilitate the accelerated evolution of firms that choose such a path.”
Post-merger, GW & Wade will be known as GW & Wade at The Colony Group, marking a new chapter in the firms' histories as they combine strengths to serve their clients better.
Focus Financial billed the merger, slated for completion in the first quarter of 2024, as a major stride in its innovative hub strategy. The firm started implementing that strategy following its September take-private acquisition by private equity manager Clayton Dubilier & Rice.
The move marks Focus’s second signed intra-partnership merger as part of its new hub strategy.
Beyond content generation and execution, firms that can offer answers around governance, transparency, and supervision are set to pull ahead in the next leg of the AI race.
The experienced advisory teams join Ameriprise and Janney as the race for experienced talent continues.
Rising drug and outpatient costs are pushing plan members to demand more financial guidance and most insurers are falling short.
Additional investment and partnership will see joint development of wealth management, brokerage and digital asset platforms.
FINRA's proposed rule filing would create a new 10-day fraud delay and nearly triple the maximum hold period for exploited senior investors.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
