Kavar Capital Partners, a $682 million AUM Leawood, Kan.-based registered investment advisor with a growing presence in the Kansas City market, has entered into an agreement to join Focus Financial Partners Inc., according to a news release.
The transaction is expected to close in the fourth quarter pending customary closing conditions, the release said.
Founded by CEO Doug Ciocca, Kavar has served as a fee-only comprehensive wealth manager for wealthy individuals and institutional clients across the U.S. since 2011, the release said.
“At Kavar, we look to enhance our client's financial well-being through collaboration and creativity," Ciocca said in a statement. "Our planning process recognizes that the needs of each client are as unique as they are themselves and our professional fulfillment lies in optimizing outcomes.”
“The more we spoke with Focus, the more we were impressed by the quality of their team and by the fiduciary mindset of the firms in the Focus partnership,” Tom Boling, Kavar's partner and executive vice president, said in a statement. The scale of "benefits and resources that Focus provides will shape our next phase of growth and reinforce the quality of care that our clients have come to expect from us.”
Rudy Adolf, founder, CEO and chairman of Focus, said that this partnership is the firm’s seventh this year. He said Kavar's prominence in the rapidly growing Kansas City market will not only enhance the geographic diversity of their partnership, but also position it to further expand in the broader Midwest market. “Kavar is a highly reputable firm with a demonstrated track record of supporting clients across the country. We look forward to helping them accelerate their growth as we commit more resources in the area,” he said.
Headquartered in New York City, Focus Financial Partners Inc. is a partnership of independent, fiduciary wealth management firms.