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Focus Financial Nabs $800M Ex-LPL RIA

By Alex Padalka February 7, 2017

A Texas RIA with $800 million in assets under advisement formerly affiliated with LPL Financial has joined Focus Financial Partners, Focus says in a press release.

CFO4Life, founded by Levi McMellian and Brian Chastain in 2006 as an audit and tax firm based in Coppell, Texas, now also offers wealth management services from offices in Fort Worth, Texas, Pittsburgh and Fort Wayne, Ind., according to the press release.

CFO4Life has since added Rusty Boaz and Chase Reid as partners, Focus says in the press release.

The company left LPL in 2012 to establish its own RIA because its founding partners felt it had “outgrown” LPL’s model, a Focus spokeswoman writes in an email.

CFO4Life will be Focus Financial’s 44th firm and marks the company’s first Texas-headquartered business, according to the press release.

The decision to join the partnership of independent wealth management firms at Focus was driven by the company’s mergers and acquisitions resources and value-add services, McMellian, CEO and executive director of CFO4Life, says in the press release.

Focus Financial has been an aggressive strategic acquirer that gives its partner firms brand and operating independence while offering operating support and access to capital for sub-acquisitions and succession planning.

Last August, for example, a team of advisors managing $4.5 billion in client assets on Wells Fargo’s independent wealth management practices network, FiNet, formed their own RIA on the Focus network.