Focus partner firm Badgley Phelps to acquire Marshall & Sullivan

Focus partner firm Badgley Phelps Wealth Managers is set to acquire Marshall & Sullivan, a Seattle-based RIA, in a deal expected to close in the fourth quarter of 2025.

The move announced on Monday marks the first acquisition for Badgley Phelps since it joined Focus in 2021.

Once completed, the merger is expected to boost the firm’s assets under management by approximately $439 million, bringing the combined total to $6.6 billion as of June 30.

Founded in 1981, Marshall & Sullivan has built a reputation for serving individuals, families, trusts, and foundations with investment management services tailored to clients’ unique needs. Badgley Phelps, also headquartered in Seattle, specializes in financial planning and investment management for high-net-worth and ultra-high-net-worth clients, with expertise in individual equities, fixed income, and alternative investments.

Julie Parisio Roy, chief executive of Badgley Phelps, described the acquisition as a significant step for the firm. She said the deal “marks an important milestone in our firm’s history and opens an exciting new chapter for our firm.”

Roy, who joined Badgley Phelps in 2004 after a roughly one-year stint at Citigroup, added that expanding in Seattle is “a natural step in our strategic growth journey,” and the firm looks forward to building on Marshall & Sullivan’s foundation to create more opportunities for clients.

For Marshall & Sullivan, the transaction is seen as a way to enhance client service while gaining access to broader resources.

Gregory S. Robinson, a 30-year industry veteran and chief executive of Marshall & Sullivan, said in the statement that joining Badgley Phelps will allow the team to “dedicate more time to what matters most: serving our clients’ needs and helping them achieve their goals.”

He also noted that the partnership will provide access to a wider range of investment planning tools and capabilities.

Travis Danysh, chief strategy officer at Focus Financial Partners, said the firm is “honored to support Badgley Phelps’ efforts on such a strong, value-accretive merger,” and believes the deal has the potential to accelerate growth and enhance long-term value for clients.

Badgley Phelps' move in the Pacific Northwest stands out as one of the few external acquisitions to happen at Focus in the past couple of years. Previously this year, Focus Partners Wealth, one of its five major wealth hubs, announced in May that it had agreed to acquire Churchill Management Corporation in LA, then in June announced plans to scoop up David Wealth Management in Virginia.

There's been a flurry of internal consolidation across the broader Focus network since 2024, with some of the largest Focus partner firms coming together to create its five major wealth hubs. In a September interview with InvestmentNews, Danysh confirmed that more than 25 out of the roughly seven dozen fiduciary firms at Focus have joined its wealth hubs so far. 

"For us to get their trust and to get their interest, we have to present them with a brighter future for themselves, their employees and their clients," he said, highlighting the need to build better client service capabilities at Focus alongside its common equity and common incentive structure.