Focus loses another exec

Focus loses another exec
Former managing director Mark Hovanic has left the aggregator to be president of an RIA with $169 million in AUM.
FEB 05, 2015
A former Focus Financial Partners executive — who was brought on in April 2013 to help the aggregator recruit elite wirehouse breakaways — has left the firm to join a registered investment adviser, according to SEC registration records. Mark Hovanic, who worked as a complex and branch manager for Morgan Stanley Smith Barney and UBS Wealth Management before joining Focus, has moved to Consolidated Portfolio Review in Zion Crossroads, Va., according to SEC records. The firm, which operates under the umbrella of parent company 3 Dimensional Wealth Advisory in Locust Valley, N.Y., has $169 million in assets under management, according to its most recent ADV filing with the Securities and Exchange Commission. Mr. Hovanic, who will be president of the firm, did not return requests for comment. A Focus Financial Partners spokeswoman, Raina Gajjar, said executives at Focus were traveling and unavailable to comment on whether a replacement had been named. Since its founding in 2006, Focus has become one of the largest aggregator firms for RIAs, with around 33 partner firms. Mr. Hovanic's departure follows other recent moves in Focus' executive ranks, including the departure of two other managing directors. Michael Paley left to become chief operating officer at a New York-based investment adviser, Klingman & Associates, and Richard Gill joined another aggregator, AMG Wealth Partners. Around the same time, in June, Focus hired Chris Dupuy, a former Bank of America Merrill Lynch executive who led the Pacific Northwest market, to lead the team focused on recruiting veteran wirehouse advisers.

Latest News

How AI search aided scam from phony NFL player, fake financial advisor
How AI search aided scam from phony NFL player, fake financial advisor

Daejon Love and Taylor Chan's $1.3 million romance fraud scheme exposes how AI search engines can be manipulated by fabricated online identities

Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client
Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client

“It was a third party scam,” said the attorney representing the claimants.

RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust
RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust

Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.

CogniCor adds wealthtech veterans to board in renewed RIA push
CogniCor adds wealthtech veterans to board in renewed RIA push

Palo Alto AI platform recruits RIA and fintech leaders as industry data show AI adoption reshaping advisor staffing.

Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico
Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico

Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

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