Focus Financial is ringing in the new year by marking a major expansion to its internal consolidation strategy.
On Monday, Focus Financial Partners announced Cardinal Point Capital Management as its latest wealth hub, underscoring its commitment to Canada as a growth market within the North American wealth management sector.
Founded in 2009 and based in Toronto, Cardinal Point specializes in cross-border wealth management, offering investment, estate, tax, and financial planning services to high-net-worth individuals and business clients in the US and Canada. The firm reported managing approximately CAD 3.1 billion in regulatory assets as of September 30, 2024.
Jeff Sheldon, co-founder and CEO of Cardinal Point, noted how his firm has grown rapidly alongside the wealth industry at large since its 2021 acquisition by Focus.
“While we have doubled our regulatory assets under management over that time, added new team members, and successfully launched our business-management division, which caters to professional athletes, we recognize the increasing importance of firms taking proactive steps to innovate and continue providing clients with best-in-class capabilities and expertise,” Sheldon said in a statement Monday.
Cardinal Point will now serve as a hub firm for Focus in Canada, enabling it to take on a broader leadership role in the region. Michael Nathanson, CEO of Focus Financial Partners, emphasized the significance of Cardinal Point’s expertise.
“Cardinal Point has a differentiated value proposition in the Canadian market as one of the only full-service, cross-border wealth management firms. With exceptional leadership and client-service teams, Cardinal Point is well positioned to lead Focus’ consolidation and expansion efforts in Canada,” he said.
Cardinal Point joins four other hub firms within Focus’ network including The Colony Group, Kovitz Investment Group Partners, SCS Financial, and Gelfand, Rennert and Feldman, the latter of which is also the first business management hub at Focus.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
