Sentinel Benefits & Financial Group, a Focus Financial partner firm, announced today it has acquired Schloss & Company, a Long Island, N.Y.-based firm that provides clients retirement planning solutions.
"We selected Schloss because of the team's long-standing record of excellent client service and delivery," said John Carnevale, president and CEO of Sentinel Benefits & Financial Group. "The firm's in-depth knowledge of the local market will help us continue our growth in this geographic area and provide an excellent complement to Sentinel's already existing New York City offices."
Eugene Schloss, who founded Schloss 39 years ago, is retiring. His role will be filled by the existing management team, whose members have served an average of 20 years at the firm. "We selected Sentinel to ensure that our team and clients would be working with top-notch professionals who share our values. We believe that the new enterprise will have continued success," Schloss said.
With its acquisition of Schloss & Company, Reading, Mass.-based Sentinel will now serve 4,300 clients with 240 employees. As an independent, Sentinel does not represent specific products, and often shares fiduciary responsibility with clients.
Founded in 1987, Sentinel has expanded in the last four years to develop a national footprint. The firm has strategically acquired and integrated four complementary businesses across the country and now has six offices nationwide in Reading, Mass.; New York, N.Y.; Providence, R.I.; Seattle; Charlotte, N.C. and now Westbury, N.Y.
"We were pleased to provide the capital and expertise to successfully execute Sentinel's latest deal," said Rudy Adolf, founder and CEO of Focus Financial Partners. "Sentinel is in an excellent position to continue making strategic acquisitions and Focus is committed to supporting this strategy."
-Jim McConville