After an active 2024, Focus Financial Partners is resuming the internal merger strategy with significant moves involving two of its partner firms.
Focus announced that Lake Street Advisors and Edge Capital Group will join SCS Financial, Focus Partners Family Office and OCIO, as part of a strategic consolidation aimed at bolstering services for ultra-high-net-worth clients.
Both transactions are expected to close in the first quarter of 2025.
The merger announced Wednesday is set to enhance SCS Financial’s capabilities by integrating Lake Street and Edge’s advisory expertise. Together, the firms will add approximately $10.47 billion in regulatory assets under management to SCS’ existing $32 billion as of September 30, while also expanding the firm’s presence across the Northeast, Southeast, and Southwest regions of the US.
“Among other core values, Lake Street, Edge, and SCS share a steadfast commitment to providing our clients with carefully tailored tools and advice for helping them understand, expand, and fully leverage their wealth,” said Tony Abbiati, CEO of SCS Financial, Focus Partners Family Office and OCIO. “We look forward to welcoming the talented Lake Street and Edge teams to SCS, and to collaborating with them to better serve our clients on their journeys towards realizing their personal and financial ambitions.”
The combined operations will add more than 70 professionals from Lake Street and Edge to SCS’ team, which now includes over 200 members across 13 offices. The move positions SCS to further solidify its role as a leading advisor to the ultra-high-net-worth.
Michael Nathanson, who was named CEO of Focus Financial Partners last April, highlighted the strategic fit of the merger.
“Similar to SCS, both Lake Street and Edge provide complementary tailored solutions to help ultra-high-net-worth clients solve complex challenges,” he said. “We are pleased to have these like-minded teams come together to enhance each other’s capabilities, and we are excited to see SCS’ presence and position as a leader in the ultra-high-net-worth client segment grow substantially.”
The plans to merge Lake Street and Edge into SCS were revealed shortly after a massive brand refresh at Focus. As part of that move, announced Monday, the firm made a slew of naming updates to its major wealth hubs.
Among other updates, the Colony Group, Buckingham Strategic Wealth, and the firms that merged with them were rebranded to operate under the name Focus Partners Wealth. Buckingham Strategic Partners, Buckingham's TAMP arm, will be operating as Focus Partners Advisor Solutions, while Kovitz Investment Group was renamed to Kovitz, a Focus Partners Firm.
SCS Financial was updated to SCS Financial, Focus Partners Family Office and OCIO. Meanwhile, Cardinal Point, which was officially declared as Focus Financial's fifth wealth hub earlier this month, was renamed to Cardinal Point, Focus Partners Canada.
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