Focus Starts 2016 Strong by Helping its Partner Firms Close Three Mergers
Focus Financial Partners (‘Focus’) today announced the closing of merger deals for three of its partner firms – Benefit Funding Services Group, Bridgewater Wealth & Financial Management and Buckingham Asset Management. The Focus partner firms are poised for further growth because of the additional capabilities and expanded geographic presence following these strategic mergers.
“The mergers serve as a perfect example of Focus’ founding mission – to create a partnership that brings like-minded entrepreneurs together,” said Rudy Adolf, Founder and CEO of Focus. “We look forward to supporting these firms’ continued growth through Focus’ capital, M&A expertise and value-add programs in various aspects of the business including marketing, pricing and technology.”
Focus partner firms closed the following strategic transactions on January 1, 2016:
Benefit Funding Services Group, Irvine, California: Powers Capital Group (‘Powers Capital’), an RIA based in Orange County, California, has merged with Benefit Funding Services Group (‘BFSG’). Patrick D. Powers, Founder of Powers Capital, will head BFSG’s Wealth Management Division. The transaction represents a transformational merger for both firms, creating an RIA powerhouse in Southern California. It allows BFSG to add a significant HNW client base and a strong team of seasoned investment professionals, while providing Patrick Powers and his team with a steady referral source of HNW clients from BFSG’s market-leading institutional consulting business.
Bridgewater Wealth & Financial Management, Bethesda, Maryland: Triton Wealth Management (‘Triton’), an Easton, Maryland-based independent wealth management firm, has merged with Bridgewater Wealth & Financial Management (‘Bridgewater Wealth’), making Bridgewater Wealth one of the largest RIAs in the greater Washington D.C. area. Triton’s founder, Wayne Zussman, will join Bridgewater Wealth as a Principal along with Karen Baer from Triton who will join as a Senior Advisor. The merger will consolidate two regionally dominant RIA firms, generating financial and operational synergies as well as expanding their wealth management offerings to a broader client base. Since joining Focus’ partner network, Bridgewater has expanded greatly due to three successful mergers resulting in a wider array of solutions for its clients.
Buckingham Asset Management, St. Louis, Missouri: Denver Money Management (‘DMM’), an RIA based in Denver, Colorado, has merged with Buckingham Asset Management (‘Buckingham’). The merger will fortify DMM’s client offering, providing customers with more holistic financial planning and investment management services. In addition, the merger will play a role in the transition of DMM’s business to the next generation of executives as Buckingham supports the advisors groomed by the first generation of DMM leadership. Aaron Grey and Joel Martin will run the Denver Office, both having worked closely with DMM’s clients over the years. The merger will allow Buckingham to continue its strategic expansion into new territories, following the firm’s moves into Texas, New Jersey and Wyoming in 2015. This latest addition of a like-minded independent RIA in Colorado will now give Buckingham a presence in 12 states.