Welcome to Financial Advisor IQ
Follow

Focus Financial Adds $658 Million RIA

By Alex Padalka January 10, 2019

A West Virginia-based RIA has agreed to join Focus Financial Partners, according to Focus.

Hurricane, W.V.-based Lanham O’Dell & Company, Inc., which does business as LOC Investment Advisers, was founded in 1981 by David Lanham and Robert O’Dell and serves high net worth clients, including entrepreneurs and professionals with ties to the Appalachian Basin, Focus says in a press release.

In 2014, LOC opened an office in Jupiter, Fla., and now serves clients in 31 states, Focus says. LOC’s advisors oversee $658 million, according to InvestmentNews.

The deal, the terms of which the companies didn’t disclose, is expected to close this quarter, Focus says.

“Though we are rooted in a long history of tradition, we are a forward-looking firm. We are constantly seeking out new ways to grow and enhance our client services, so we can serve future generations of clients,” O’Dell, LOC’s managing partner, says in the press release. “Focus impressed us with its innovative partnership model, access to capital and best practices.”

In addition, the multifamily office and business management firm David Weise & Associates has joined Focus partner firm NKSFB, which is also a multifamily office, according to the press release. Los Angeles-based DWA was founded by David Weise in 1999 and caters to clients in the entertainment industry, Focus says.

“Clients in the ultra-high-net-worth and entertainment space have unique financial and business complexities. This is where premium firms like LOC, NKSFB and DWA can add tremendous value,” Rudy Adolf, Focus’ founder, CEO and chairman, says in the press release. “We will continue to help our partner firms enhance their service offerings through access to our capital and resources.”

Ruediger Adolf

Focus and its partner firms have added several practices in recent weeks. In December, Focus partner Colony Group entered into an agreement to acquire Aurora Financial Advisors, while Gelfand, Rennert & Feldman, another Focus partner firm, agreed to acquire WG&S.

Earlier the same month, Focus added a New York-based family office and its subsidiary Buckingham Strategic Wealth added two practices in Pennsylvania and Oregon.