Focus Financial has marked another milestone in its ongoing hub strategy with another merger of wealth firms within its partner network.
It announced that Focus partner firm Strategic Wealth Partners Group is set to merge with Kovitz Investment Group Partners, one of the fiduciary wealth network’s hub firms.
The merger, expected to be finalized in the second quarter, hinges on customary closing prerequisites.
Located in Deerfield, Illinois, Strategic Wealth Partners has built a successful practice delivering comprehensive wealth strategies, independent guidance, and bespoke services catering to affluent individuals, families, and retirement plan sponsors.
The consolidation is expected to result in a merged entity commanding over $14.5 billion in managed assets, reflecting the total regulatory assets under management of the precursor firms as of February 29.
The merger is set to enhance the firms' reach, especially in the greater Chicago region, assisting high-net-worth individuals, families, and institutions with advice around retirement, business succession, and other areas of wealth management.
"We are continually looking for ways to manage complexity and deliver simplicity for our clients," Neal Price, principal and co-founder of Strategic Wealth Partners, said in a statement.
"As we join forces, we’re creating greater opportunities to further enhance the scale of our services and to provide our clients with the outstanding offerings and guidance they expect from their advisors," said Mitch Kovitz, CEO and co-founder of Kovitz and vice chairman of Focus.
"This powerful union underscores our commitment to, and role in, working with firms dedicated to serving clients to the absolute best of their ability," added Michael Nathanson, president of Focus.
Nathanson and Kovitz were appointed to their respective leadership roles in January's executive leadership changes at Focus.
Post-merger, Strategic Wealth Partners will operate under its current name for a transition period, ensuring continuity for clients and partners during the integration phase.
The merger of SWP into Kovitz is the third intra-partnership consolidation at Focus, following a March move that combined GW & Wade in Massachusetts with The Colony Group.
President meets with ‘highly overrated globalist’ at the White House.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
