Focus Monetary Companions has agreed to amass Homan Wealth Advisors, an Omaha, Neb.-based registered funding advisor.
Homan Wealth Advisors will be introduced into Focus’s Buckingham Strategic Wealth enterprise, which is itself now a part of that dad or mum firm’s The Colony Group. That is Colony’s first exterior deal because it merged with Buckingham in Might.
As of June, the mixed Buckingham/Colony agency had $95 billion in property. It has 90 places throughout 31 states and the District of Columbia.
Final yr, Focus was taken personal in a sale to personal fairness agency Clayton, Dubilier & Rice. Since then, executives have been busy cleansing up its sprawling operation, consolidating its 90 independently operated subsidiary practices into a handful of its largest branded corporations, together with Colony and Kovitz.
Homan, which was based in 2003 by Richard “Rick” Homan, will not be a Focus associate agency. In keeping with its most up-to-date Kind ADV, the RIA managed about $271 million in shopper property and suggested on $120.5 million in retirement plans.
The agency has lengthy partnered with Buckingham, working on its affiliated wealth administration platform, Buckingham Strategic Companions, since its inception.
“As our purchasers know, for over 20 years, we’ve got leveraged the BSP staff’s assets, expertise and data to deal with our back-office duties,” Homan stated in an announcement. “This alliance has allowed us the time and area to serve our purchasers and their distinctive wants in a customized method. As we thought of the way forward for the agency, becoming a member of Buckingham Strategic Wealth was a pure subsequent step.”
“This transaction is yet one more step in a brand new period of alternative for our firm,” stated Michael Nathanson, the previous head of Colony who was named Focus CEO in April. “We consider the mixed Buckingham/Colony enterprise presents a differentiated, main alternative for each purchasers and advisors and count on it to realize speedy progress going ahead.”
Phrases of the deal, anticipated to shut within the fourth quarter, weren’t disclosed.
