Focus Financial Subsidiaries Acquire Firms
Two wealth management firms in the Focus Financial Partners network made year-end acquisitions, the company says.
Wellesley, Mass.-based the Colony Group, founded in 2002 by Susan Miller, has reached an agreement to acquire Aurora Financial Advisors, according to a press release from Focus.
Both firms offer wealth management services that include tax planning to families and businesses, Focus says. Aurora also specializes in dispute resolution arising from disagreements within families, divorce and estate administration, according to the press release.
Joining Colony will give Aurora access to various back-office services, including marketing, operations, compliance and management, Focus says.
Meanwhile, Los Angeles-based Gelfand, Rennert & Feldman has entered into an agreement to acquire WG&S, founded by Eric Wasserman, Howard Grossman and Michael Sloan, according to the press release.
Both firms are multi-family offices and business management firms that focus on clients in the entertainment business, Focus says. Joining GR&F will let WG&S tap into resources for growing its business, while adding WG&S gives GR&F better reach in the Northern California market, according to the press release.
Both deals are expected to close in the first quarter of 2019, Focus says.
“Supporting our partner firms’ entrepreneurial visions and devotion to their clients is our mission at Focus. Providing access to capital and operational expertise is key in facilitating mergers and acquisitions,” Rudy Adolf, founder, CEO and chairman at Focus, says in the press release. “Through M&A, clients always benefit from a broader range of services and deeper bench strength.”
Focus and its partner firms have been on an acquisitions spree in recent months. Earlier in December, Focus added a New York-based family office while two wealth management practices, based in Pennsylvania and Oregon respectively, joined Focus partner firm Buckingham Strategic Wealth.
Focus had an initial public offering July 30, and its revenue grew 30% in the third quarter.