Focus Financial Partners, a leading partnership of fiduciary wealth management firms, announced that it has entered into a definitive agreement under which its partner firm Strategic Wealth Partners Group (SWP), based in Deerfield, Illinois, will formally join Focus “hub” firm Kovitz Investment Group Partners. Subject to customary closing conditions, this deal is expected to close in the second quarter of this year.
SWP – which manages nearly $4.5 billion in AUM – delivers wealth strategies, independent advice, and personalized service to high-net-worth individuals and families and retirement plan sponsors.
Upon the completion of the deal, the newly combined firm is expected to manage over $14.5 billion in regulatory assets based on the aggregate February 29, 2024, regulatory assets under each firm’s management. It is strategically poised to serve high-net-worth individuals, families, and institutions across an expanded footprint, particularly within the greater Chicago area.
Following the merger, SWP will continue doing business as Strategic Wealth Partners for now.
KEY QUOTES:
“We are continually looking for ways to manage complexity and deliver simplicity for our clients. As we evaluated joining forces with Kovitz and becoming an early participant in the Focus hub strategy, we knew it would only work if it was better for our clients, our firm, and our trusted business partners. We have known the Kovitz team on both a personal and professional level for many years, and we are excited about joining a great group of people that are like-minded in their pursuit of delivering an exceptional client experience.”
– Neal Price, Principal & Co-Founder of Strategic Wealth Partners
“Whether they’re seeking advice on retirement, business succession planning, or other wealth strategies, our clients rely on our ability to offer differentiated, tailored advice to help them achieve their life’s goals. Strategic Wealth Partners is a firm I have known and admired for many years, and as we join forces, we’re creating greater opportunities to further enhance the scale of our services and to provide our clients with the outstanding offerings and guidance they expect from their advisors.”
– Mitch Kovitz, CEO and Co-Founder of Kovitz and Vice Chairman of Focus
“All Focus firms, including Kovitz and SWP, strive to meet and, whenever possible, exceed the complex, evolving needs of their clients. This powerful union underscores our commitment to, and role in, working with firms dedicated to serving clients to the absolute best of their ability, and I look forward to seeing how it will unlock even greater opportunities and capabilities for everyone involved.”
– Michael Nathanson, President of Focus
