Summit Partners is reportedly shopping around its stake in Focus Financial
Focus has wheeled and dealed this year with acquisitions and big lines of credit -- now this
Related Moves
With RIA valuations ticking down and successions ticking up, Focus Financial deep sixes 'drunken sailor' pause, forgoes buyback plan and adds a CEO
CEO Rudy Adolf sees a 'softening' in multiples after a couple of frothy years when CI Financial dominated headlines and big RIA deals
August 13, 2022 at 12:39 AM
Biz Briefs: Vanguard's tax-loss harvest yields a caveat• Vermont green with envy ... of red states? • CFP Board spends $12 million on bungee metaphor • BlackRock isn't neutral on Credit Suisse • Women are the Goliath of 'David' in UK finance
Tax-loss harvest gains may have some home assembly required, says Jeff DeMaso • Adrian Johnstone is now in the driving seat at Practifi • CFP Board spending just topped $150 million • and Vermont shares some Texas thinking on ESG investing.
March 25, 2023 at 1:32 AM
Farther struts its startup magic and shows why a $375-million RIA can be worth $50 million -- by getting four advisors to bring books of business just to be part of the enterprise
The San Francisco firm claimed its software was at another level and now advisors are betting careers on it, though not of the UHNW variety imagined
November 2, 2022 at 3:27 AM
Goldman Sachs fought the squid, but the squid won as CEO David Solomon puts the United Capital-Ayco RIA back under the control of house asset managers
Solomon acknowledges he's largely reunifying wealth management and asset management to regain synergies after trying to give the in-house RIA agency.
November 1, 2022 at 4:03 AM
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Focus Financial Partners, LLC
Consolidator/Roll-up Firm
Top Executive: Rudy Adolf
DeVoe & Company
Consulting Firm
Top Executive: David DeVoe
FiComm Partners
Marketing & Public Relations
Top Executive: Megan Carpenter, CEO
Elmer Rich III
Oh oh. “Smart money leaves first.”
Ary Rosenbaum
As a Geller Group employee, Sheldon Geller and Rudy Adolf led us all believe that when Focus achieved “critical mass”, we’d go public, probably in 5 years. That was 6 1/2 years ago. I didn’t believe them then and I refused those incentive units that were no incentives and were units of nothing. I am glad my future wasn’t attached to that scratched anchor. We all know what happened with that Geller transaction. Rumor is that Focus performed no due diligence in that purchase and I think it showed.
Elmer Rich III
“....the advisors, would not realize value from the deal….”
We do both TPA and RIA M&A deals. The above quote describes the experience of most roll-ups. It is hard to see how this trend will change, let alone to sellers receiving enough value to support their retirements. That is the goal of our clients.
How can a potential seller trust the finances of a firm where the owners, who know the financials best, are dropping the investment? Of course, how will the debt be paid?
Let’s also remember that many (most?) roll-up firms have collapsed suddenly.
