Focus Financial Partners has entered the next phase of its internal consolidation strategy with the selection of its newest major wealth hub.
The firm has revealed Gelfand, Rennert & Feldman, a business management and multifamily office firm headquartered in Los Angeles, has become the fourth hub under its evolving intra-network merger strategy.
With roots stretching back more than half a century, GR&F offers business management, bookkeep, international tax, and other specialized services to its clients in entertainment, including music, television, and film, as well as athletes, executives, influencers, and high-net-worth individuals.
The firm also represents another significant milestone for Focus as it marks the PE-backed platform's first-ever business management hub, with additional locations in New York City, White Plains, Wilmington, San Rafael, Encino, Nashville, Boston, and London.
“In today’s dynamic landscape, in which clients are asking for a broader suite of services and deeper expertise, it’s increasingly important for firms to take proactive steps to bolster their offerings,” Tyson Beem, CEO of GR&F said in a statement on Friday.
Michael Nathanson, CEO of Focus, described GR&F as a “recognized leader” in the multifamily office space with a prominent client base and a talented leadership team.
“This next chapter as a hub will enable GR&F to expand their reach, and their expertise will be an essential piece of the Focus hub infrastructure,” Nathanson said.
Following its take-private acquisition by Clayton Dubilier & Rice and Stone Point Capital in September last year, Focus Financial has spent significant time and resources on streamlining its platform through an internal consolidation with several wealth hubs.
Apart form GR&F, Focus's other wealth hubs include The Colony Group – which absorbed GYL Financial Synergies in early November – Kovitz Investment Group Parners, and SCS Capital Management.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.