Focus Financial Partners LLC, a partnership of independent, fiduciary wealth management firms, announced today that it expanded its network by adding five RIA firms with a total of $8 billion in client assets.
The new firms are GW & Wade, Wellesley, Mass.; Dion Money Management, Williamstown, Mass.; Lara, Shull & May, Falls Church, Va.; Benefit Funding Services Group (BFSG), Irvine, Calif.; and JFS Wealth Advisors, Hermitage, Pa.
With these transactions, Focus now has 14 partner firms handling 11,000 clients and more than $25 billion in client assets. Focus invests in individuals or firms with at least $300 million AUM, and it generally acquires 40% to 60% of a firm's cash flow in exchange for cash and an ownership position in the holding company. Acquired firms receive backoffice, compliance and tech support to help their businesses grow. In addition, acquired entitities hope to profit through earn-outs based on their growth rate as a Focus affiliate.
Focus is funded by Summit Partners, a Boston-based private equity and venture capital firm.