Change continues at Focus with Colony-Buckingham merger plan

Change continues at Focus with Colony-Buckingham merger plan
“Transformational” combination will see Adam Birenbaum lead a wealth giant with nearly 1,200 employees across more than 90 locations.
MAY 06, 2024

Focus Financial Partners has unveiled its plans for a transformative merger between its partner firms, Buckingham Strategic Wealth, headquartered in St. Louis, and The Colony Group.

The proposed agreement was announced at Focus Financial's semi-annual partners meeting, and will see Adam Birenbaum, the current chairman and CEO of Buckingham, step into the role of CEO of the combined entity.

Michael Nathanson, Colony's CEO, will remain focused as CEO of Focus, a position which he was elevated to just last week.

"This transaction will create an RIA of truly substantial scale and marks a milestone moment in the history of our industry," Nathanson said in a statement. "Together, the combined firm will represent nearly 1,200 employees, more than 90 office locations, and tens of thousands of clients."

Buckingham, a national investment advisor specializing in evidence-driven investing, joined the Focus network of advisory firms serving individuals, families, nonprofits and organizations in 2007.

Following the merger, Buckingham's sister company, Buckingham Strategic Partners, will continue to operate under Birenbaum's leadership. Jonathan Scheid will remain beside him as president of BSP, which provides a comprehensive suite of services through its turnkey asset management platform.

"I am honored by the trust and faith placed in me to lead such an incredible firm," Birenbaum said, highlighting the “transformational opportunity” from the deal.

 "We have the distinct privilege and mandate to build something truly special, a firm that becomes a destination for exceptional talent in our industry and an advisor and client experience that is phenomenal," he said.

Buckingham has $28.8 billion in assets under management, while the Colony Group has $21.4 billion, according to their most recent Form ADVs.

Colony has seen significant growth this past year as it absorbed Focus partner firm GW & Wade in March and InterOcean Capital in April.

"Like Buckingham, Colony is relentlessly, unapologetically client-focused and client-driven," said Buckingham's president and chief operating officer, Justin Ferri.

"Joining together is not just exciting in terms of what we can do better, faster together; it's entirely natural as our instincts and values are so incredibly aligned."

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave