NEW YORK, Nov. 30, 2018 — Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”), a leading partnership of independent, fiduciary wealth management firms, today announced the formal completion of the previously communicated merger of Loring Ward Holdings Inc. (“Loring Ward”), headquartered in San Jose, California, with The Buckingham Family of Financial Services (“Buckingham”). Focus previously posted supplemental slides and a video in the investor relation section of its website, www.focusfinancialpartners.com, which provided more information on the transaction.
Buckingham joined Focus in 2007 and is one of the fastest-growing partner firms in the Focus partnership. Following the merger with Loring Ward, Buckingham will further enhance its position as one of the largest RIAs in the country, with over 30 offices covering virtually all major regional hubs.
Founded in 1990, Loring Ward is a leading turnkey asset management program (“TAMP”) provider, supporting over 200 RIAs and 75 broker-dealers. Loring Ward CEO, Alex Potts, will join Buckingham’s Board of Managers as Chairman, Advisor Services. CFO Michael Clinton will join Buckingham’s Operating Committee as President, Advisor Services and Steve Atkinson will maintain his current title as Head of Advisor Relations.
“It’s a great pleasure to formally welcome the Loring Ward team to Buckingham. Their dedication to their advisors and clients is a perfect cultural fit,” said Adam Birenbaum, Chairman and CEO at Buckingham. “This merger is a major step toward our objective of becoming the go-to wealth management firm for both advisors and their clients across the country.”
“Both our advisors and their clients will benefit from the synergies in our integrated offerings,” said Alex Potts, CEO at Loring Ward. “This merger also creates succession options for us and for advisors who work with us, and opportunities for the next-generation leaders on our team to grow.”
In further news related to the Loring Ward transaction, Focus announced that Dan Goldie Financial Services (“DGFS”), a Silicon-Valley-based independent RIA located in Palo Alto, California, has entered into a definitive agreement to join Buckingham Strategic Wealth. The transaction is expected to close in the first quarter of 2019, subject to customary closing conditions.
Founded in 2009 by former top-ranked tennis pro Dan Goldie, co-author of “The Investment Answer (2011),” the Palo Alto RIA will become part of Buckingham Strategic Wealth upon closing, meaningfully expanding the resources and services available to its clients. DGFS is currently one of Loring Ward’s largest clients by assets under management.
“First and foremost, this transaction will benefit our clients,” said Dan Goldie, President of DGFS. “When I learned Loring Ward and Buckingham were combining forces, I saw a wonderful opportunity to enhance operations, investment services and continuity planning in the interest of our clients. By leveraging the full capabilities of Buckingham Strategic Wealth, I will be able to do more of what I am passionate about, spending time with and helping clients.”
“The synergies and client benefits realized by Loring Ward uniting with Buckingham, and by Dan Goldie in turn joining Buckingham Strategic Wealth, are what the Focus partnership is all about,” said Rudy Adolf, Founder, CEO and Chairman of Focus Financial Partners. “It’s incredibly rewarding to support our partner firms as they grow and realize their vision and full potential.”
About Focus Financial Partners Inc.
Focus Financial Partners is a leading partnership of independent, fiduciary wealth management firms. Focus provides access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with comprehensive wealth management services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices offered by Focus to achieve their business objectives.
About Loring Ward
Loring Ward is an investment adviser founded in 1990 and headquartered in California’s Silicon Valley. Loring Ward is committed to creating a better wealth experience for financial advisors and their clients, and serves one of the largest networks of independent advisors in the United States.
About The Buckingham Family of Financial Services (Buckingham Strategic Wealth and BAM Advisor Services)
Buckingham Strategic Wealth is a growing organization of advisors, financial specialists and national thought leaders committed to delivering on the promise of true wealth management and acting in the best interest of its clients. Buckingham Strategic Wealth has over 30 locations across the United States. Its affiliate, BAM Advisor Services, is a turnkey wealth management partner focused on helping advance the business for over 100 independent wealth management firms around the country. Buckingham Strategic Wealth and BAM Advisor Services have been a partner of Focus since 2007.
About Dan Goldie Financial Services
Headquartered in Palo Alto, California, DGFS offers portfolio management services to long-term investors based on evidence-based, academically proven investment strategies, and provides financial planning advice to clients in areas such as retirement planning, estate planning, college funding, cash flow and budgeting, personal insurance coverage, stock option planning, and executive benefits.
Cautionary Statement Concerning Forward-Looking Statements
The foregoing information contains certain forward-looking statements that reflect the Company’s current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment and the Company’s ability to consummate the proposed merger and realize its anticipated benefits, which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company’s financial results may be found in the Company’s filings with the Securities and Exchange Commission.
Investor and Media Contact Information
Steve Calk or Sam Gibbons Tel: (646) 561-3226 [email protected]