The changes continue at Focus Financial as the firm announces another merger of firms within its network. The independent wealth network unveiled an agreement under which GW & Wade – a Wellesley, Massachusetts-headquartered practice – will join fellow Focus Financial partner firm The Colony Group.
The merger will see GW & Wade's substantial $10.4 billion in assets under management as of the end of 2023 integrate with Colony's impressive $21.1 billion of AUM.
GW & Wade – a firm with deep roots in the Focus Financial partnership since 2007 that's co-led by principals Roger Wade and Tim Pinch – brings a wealth of experience in tax planning, financial planning, asset management, and retirement and estate planning to the table.
"We strive to have a positive impact on the lives of our clients and to help them achieve their financial goals," Wade said in a statement.
"We know Michael Nathanson and the Colony team share these values, which is one of several reasons we are excited to join forces with another industry leader in wealth management," Pinch added.
This strategic amalgamation not only enhances the collective financial and advisory capacity of the two firms but also underscores Focus Financial's commitment to fostering growth and collaboration among its partner entities.
Michael Nathanson, CEO of The Colony Group – who was named to the additional role of president of Focus at the end of January – expressed optimism about the merger's potential to enhance client services and foster long-term growth.
"It is exciting to see two of our outstanding wealth management firms joining forces,” Nathanson said. “We expect that, through opportunistic mergers such as this one, Focus will continue to facilitate the accelerated evolution of firms that choose such a path.”
Post-merger, GW & Wade will be known as GW & Wade at The Colony Group, marking a new chapter in the firms' histories as they combine strengths to serve their clients better.
Focus Financial billed the merger, slated for completion in the first quarter of 2024, as a major stride in its innovative hub strategy. The firm started implementing that strategy following its September take-private acquisition by private equity manager Clayton Dubilier & Rice.
The move marks Focus’s second signed intra-partnership merger as part of its new hub strategy.
Financial services compliance consultant ACA Group told InvestmentNews it had four clients report receiving emails that impersonated David Bottom, the SEC's chief information officer, with smaller firms being targeted.
Financial advisor Derek Wittjohann shares the lessons he learned after leaving a major wirehouse to set up his own practice in the second installment of InvestmentNews' new 'Independence Stories' series.
Whether a firm manages $50 million or $5 billion in client assets, building a succession strategy needs to be a priority at least a decade out from retirement.
RIA assets are key for broker-dealers right now.
The former investment advisor misled clients in a decade-long scheme to fund international travel expenses, country club fees, and other personal expenses, according to three government agencies.
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.
