Rudy Adolf, founder and CEO of Focus Financial Partners, will be retiring at the end of the year, the firm announced Monday.
Adolf will be succeeded immediately by the chairman of the company’s board, Dan Glaser, who has been appointed interim CEO.
Glaser is also an operating partner at Focus’ majority investment partner, Clayton Dubilier & Rice. Prior to joining CD&R earlier this year, Glaser served for 10 years as president and CEO of Marsh McLennan.
Focus said its board has already initiated a search for a new CEO.
“I would like to take this opportunity to thank Rudy Adolf for his vision in building Focus Financial into an impressive wealth management organization that always puts our clients’ interests first,” Glaser said in a statement. “Rudy is an industry pioneer and leaves a strong legacy of innovation and entrepreneurship at Focus.”
Adolf launched Focus Financial Partners in 2006 and the firm has since been one of the foremost aggregators of registered investment advisors.
The firms that Focus Financial has acquired have kept their own brands, while using Focus as a bank for their own deals. Other aggregators generally merge firms completely under one brand and marketing approach.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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
