The movement towards consolidation and mergers within the Focus Financial has taken another turn with two of its partner firms in the Northeast.
Coastal Bridge Advisors and TrinityPoint Wealth, two Connecticut-based partner firms under Focus Financial Partners, announced plans to merge Thursday morning.
The transaction is expected to close in the first quarter of 2025, with the combined entity operating under the Coastal Bridge Advisors name.
The merger deal aims to integrate the firms' capabilities and expand service offerings for clients, with the unified firm providing a broader range of expertise across advisory, investment management, 401(k), planning, operations, and technology services.
Coastal Bridge Advisors, which also has a location in Los Angeles, California, reportedly managed approximately $2.78 billion in discretionary assets in April. TrinityPoint Wealth, which has a foothold on North Carolina, reportedly had $1.28 billion in discretionary assets under management as of October.
“This merger is about more than just combining two of our partner firms; it is a fusion of shared values, capabilities, and vision, all aimed at elevating the level of service provided to clients and their advisors,” Michael Nathanson, CEO of Focus Financial Partners, said in a prepared statement Thursday. “Both firms’ deep industry expertise, common commitment to fiduciary advice, and dedication to their clients make this a natural fit as they continue to evolve to meet the market opportunity.”
Leadership for the combined firm will include Jim Betzig as CEO, Mark Dupont as president, Bill Loftus as chief revenue officer, and Kevin Burns as chairman.
“I am excited to unite these two respected firms to enhance the experience for all our clients,” said Burns. “By integrating our service, advisory, and investment teams, the expanded range of offerings allows our unified firm to better serve clients with comprehensive wealth management and virtual family office services for generations to come.”
Following its take-private acquisition last year by funds affiliated with Clayton Dubilier & Rice and Stone Point Capital, Focus Financial has been building wealth hubs within its network throughout 2024, aiming to enhance scale and efficiency among its partner firms. These hubs include:
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