Independent wealth management firm The Colony Group announced Wednesday it is acquiring Aurora Financial Advisors.
Both firms are based in Massachusetts; Colony has offices in Boston and Hingham, while Aurora has offices in Wellesley and Westford. The Colony Group said the acquisition will strengthen its regional presence, allowing it to expand to a total of 12 offices in six states with over 150 employees.
Colony has about $6 billion in assets under management, while Aurora will bring $400 million in AUM when it merges with the company.
Details of the transaction, which is expected to close in the first quarter, were not disclosed. But The Colony Group is one of the most successful firms in the Focus Financial Partners network. Focus went public via an IPO last summer and several of its largest, most successful have been able to leverage their parent firms' increased financial flexibility to do more tuck-in acquisitions.
Michael Nathanson, chairman and CEO of The Colony Group, said that the acquisition would enable the firm to bring additional talent onboard to serve the wealth management needs of more individuals and familes. He also said that it would broaden the Colony’s services to include family and marital dispute resolution.
Aurora Financial Advisors LLC, founded in 2002 by CPA Susan Miller, has a reputation and an expertise in divorce dispute resolution, estate administration and intra-family disagreements over closely-held businesses and jointly-held assets.
The Colony Group, founded in 1986, is an independent, fee-only financial advisory firm with locations in Massachusetts, New York, Virginia, Florida, Colorado and Maryland.
The acquisition is a perfect pairing, according to Miller, Nathanson, and
“Colony has a strong track record of growth since joining Focus in 2011,” said Rajini Kodialam, co-founder and COO of Focus Financial Partners, Colony’s partner, in a prepared statement.
Colony, with the creation of the "Her Wealth" program, has placed an emphasis on serving female clients. Miller, who has a focus in marital, family and business financial dispute resolutions, will join "Her Wealth" as a spokesperson and leader for an expanded clientele, the company said.