Bypassing PR Newswire, Focus Financial reports purchase of $1.9B AUM RIA and it gets curiouser from there
The New York-based roll-up buys Brownlie & Braden Advisors LLC no asset-based fees, no photos of principals and a big-time second-entity sister firm
Author Brooke Southall July 24, 2017 at 11:48 PM
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December 17, 2020 at 3:02 AM
Stephen Winks
July 25, 2017 — 3:48 PM
70 years ago there was high connectivity between capital formation/investment banking and brokerage/investments. There need not be a conflict of interest yet the conflict exists. With the brokerage industry commanding 40% of the investors earnings of their retirement savings in the form of brokerage fees, commissions and administrative cost, Focus risks losing the advantages of an RIA business model and the consumer protections afforded by a fiduciary relationship. SCW
Fact checker
July 26, 2017 — 6:55 PM
Looks like they did a name change as part of the acquisition, which may have screwed up your search for the Form ADV, it's right here, showing $1.9B <a href="https://www.adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=129675" rel="nofollow">https://www.adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=129675</a>
Looks like they did a name change to "HANOVER HILLCREST HOLDINGS, LLC" as part of the transaction with Focus.
brooke southall
July 26, 2017 — 7:10 PM
Fact checker,
Thank you.
Brooke
