Focus Partners Wealth has agreed to acquire EverNest Financial Advisors a Carmel, Indiana-based registered investment advisor that has grown to oversee nearly a billion dollars in AUM after moving on from a short-lived strategic relationship with Sanctuary Wealth.
The deal will add approximately $960 million in regulatory assets under management to Focus Partners Wealth's existing book.
That figure represents nearly 150% growth from the roughly $400 million EverNest reported when it first got backing from Sanctuary Wealth a few years ago.
When EverNest managing partners Frank Esposito and Niki Woodworth launched the firm formally in 2022, they did so with Sanctuary taking a 20% minority stake. The Indianapolis-based hybrid RIA platform was, at the time, making a concerted push into minority investments in independent advisory businesses, and EverNest fit those ambitions.
The relationship unraveled within months. In September 2022, the Financial Industry Regulatory Authority fined Sanctuary's broker-dealer subsidiary $60,000 and issued a censure related to the firm's handling of two troubled private placement securities, according to FINRA records.
According to industry reports, EverNest's operating agreement included a buyback provision triggered by regulatory proceedings against either party. EverNest invoked it, seeking to repurchase Sanctuary's stake at 80% of appraised valuation.
Sanctuary disputed the terms of the buyback, prompting EverNest to file suit in Indiana Commercial Court in early 2024. The parties ultimately agreed to dismiss the litigation with prejudice in January 2025, according to a court filing, resolving a legal standoff that had stretched across more than a year.
Now, EverNest has a client base spanning all 50 states, with more than half its clients residing outside Indiana, according to the firm's website. It serves individuals, families, foundations and endowments, with a planning-first, fiduciary orientation that Esposito described as central to the firm's identity when announcing the Focus deal.
"I have developed a strong relationship with the Focus team over many years that affirmed a shared client-first alignment in our businesses," Esposito said in a statement. "As we sought opportunities to expand capabilities for our clients and provide more expansive career pathing for our team members, Focus was a clear fit."
Travis Danysh, chief strategy officer at Focus Financial Partners and the executive overseeing external deal activity, emphasized that alignment in the announcement.
"EverNest has a high-caliber, driven team that is aligned with our long-term goals," said Danysh, who stepped into the chief strategy role last August. "We are excited to watch their success as they take advantage of new opportunities available to them as part of Focus."
Focus Partners Wealth reported $181.86 billion in regulatory assets under management as of Jan. 1. Collective advised assets across the broader Focus Financial Partners network – which spans more than 6,300 team members with operations in the United States, Canada, and Australia – exceeded $500 billion.
The EverNest deal – which extends Focus's Indianapolis footprint, a market the firm identified as a strategic priority – is set to close in the third quarter.
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