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.
Beyond content generation and execution, firms that can offer answers around governance, transparency, and supervision are set to pull ahead in the next leg of the AI race.
The experienced advisory teams join Ameriprise and Janney as the race for experienced talent continues.
Rising drug and outpatient costs are pushing plan members to demand more financial guidance and most insurers are falling short.
Additional investment and partnership will see joint development of wealth management, brokerage and digital asset platforms.
FINRA's proposed rule filing would create a new 10-day fraud delay and nearly triple the maximum hold period for exploited senior investors.
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
