What You Have to Know
- The 2 flagship advisory companies in Focus Monetary’s accomplice community are in superior talks to change into one entity.
- Buckingham’s chairman and CEO, Adam Birenbaum, would be the mixed firm’s CEO.
- Colony CEO Michael Nathanson will serve solely as head of Focus Monetary.
Focus Monetary Companions says two of its flagship advisory agency companions — Buckingham Strategic Wealth and The Colony Group — are in superior discussions to merge with a purpose to unify their assets and expertise and additional broaden their respective capabilities.
Buckingham’s chairman and CEO, Adam Birenbaum, will be the mixed firm’s CEO, in response to the announcement. Colony Group CEO Michael Nathanson, who on April 30 was named CEO of Focus, will shift to serving solely as CEO of Focus.
Collectively, the mixed agency will symbolize almost 1,200 workers throughout greater than 90 workplace places supporting tens of 1000’s of purchasers with a complete of $102.4 billion of belongings.
Business blogger and speaker Michael Kitces has been head of planning technique with Buckingham since March 2020. Jeff Levine, who writes commonly about tax points on social media, has been the agency’s chief planning officer since January 2021, after becoming a member of the RIA a yr earlier.
Buckingham’s sister firm, the turnkey asset administration platform supplier Buckingham Strategic Companions, will proceed to function post-merger below Birenbaum’s management. Jonathan Scheid will stay its president.
As of March, St. Louis-based Buckingham Strategic Wealth managed about $30.1 billion in belongings. Buckingham Strategic Companions has near $40 billion of belongings on its platform.
The Colony Group, which has its headquarters in Boston, reported complete belongings of $32.3 billion as of March 31.
‘Dream Come True’
“This transaction will create an RIA of actually substantial scale and marks a milestone second within the historical past of our business,” Nathanson stated. “The mixed agency’s scale underscores and accelerates the continued evolution we’re seeing in [wealth management] to domesticate higher alternatives for purchasers and advisors and to supply them excellent capabilities and providers.”