Were Focus to continue merging smaller affiliated firms run by advisors looking to retire into larger ones, it might ultimately be able to transform dozens of small independent RIAs into a lean, mean network of 20 or 25 billion-dollar RIAs with impressive positions in their respective markets. At present, St. Louis-based Buckingham appears to be the one to watch.
All this is down the road. First, it has to convince Wall Street that the concept of adjusted EBITDA is a reasonable one.