NEW YORK, Jan. 30, 2019 (GLOBE NEWSWIRE) — Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”), a leading partnership of independent, fiduciary wealth management firms, today announced that definitive agreements have been entered into under which Weatherstone Capital Management, Inc. (“Weatherstone”) will join existing Focus partner firm Carnick & Kubik Group, LLC (“Carnick & Kubik”), and Insero Wealth Strategies, LLC (“Insero”) will join existing Focus partner firm Buckingham Strategic Wealth (“Buckingham”). The Insero transaction is expected to close in the first quarter of 2019 and the Weatherstone transaction is expected to close in the second quarter of 2019, each subject to customary closing conditions.
- Weatherstone Capital Management, Inc. is an independent wealth management firm based in Denver, Colorado, that was founded in 2001 by Michael Ball. Similar to Carnick & Kubik, Weatherstone offers investment management and financial planning services to clients. This transaction is expected to give Weatherstone greater economies of scale and expand the scope of both its investment and financial planning services to clients, and will expand Carnick & Kubik’s presence in the greater Denver area, while also giving the combined firm the opportunity to deepen Weatherstone’s existing sub-advisory relationships.
- Insero Wealth Strategies, LLC is a fee-only independent wealth management firm with offices in Rochester and Buffalo, New York. Founded by Frank Insero, Insero provides investment management and financial planning services to clients, advocating an evidence-based investment philosophy consistent with Buckingham’s. Following this transaction, Buckingham expects to provide additional client service and portfolio management solutions to Insero and its clients. This will be Buckingham’s first office in New York State, as the firm continues to expand its national presence.
“Weatherstone offers unique tactical investment management portfolios, and Carnick & Kubik offers a compelling financial planning and wealth management model. The Weatherstone transaction is designed to have a positive impact on each firm’s clients,” said Rudy Adolf, Founder, CEO and Chairman at Focus. “Insero’s investment approach and client service model is similar to Buckingham’s. By joining forces, Insero clients should benefit immediately from the synergies of the combined firm. These two transactions represent the eighth and ninth transactions announced by Focus for its partner firms that have closed or are expected to close in 2019, and demonstrate Focus’ ability to accelerate its partner firms’ growth through M&A.”
About Focus Financial Partners Inc.
Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”) 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. For more information about Focus Financial Partners, please visit www.focusfinancialpartners.com.
About Carnick & Kubik Group, LLC
Carnick & Kubik Group, LLC (“Carnick & Kubik”) is an independent, fee-only financial advisory firm headquartered in Denver with additional locations in Colorado Springs and Houston. Carnick & Kubik offers a comprehensive range of wealth management services and financial planning to high-net-worth individuals and families. For more information about Carnick & Kubik, please visit https://carnick.com/.
About Buckingham Strategic Wealth
Founded in 1994, Buckingham Strategic Wealth (“Buckingham”) helps individuals, businesses, trusts, nonprofits, retirement plans and medical practice owners achieve their most important goals by creating customized, comprehensive, evidence-based financial plans. Buckingham is headquartered in St. Louis, Missouri, and has offices in Arizona, California, Colorado, Florida, Illinois, Indiana, Iowa, Maryland, Nebraska, New Jersey, Pennsylvania, Texas, Virginia, West Virginia and Wyoming. For more information about Buckingham, please visit https://buckinghamadvisor.com/.
Cautionary Statement Concerning Forward-Looking Statements
This release contains certain forward-looking statements that reflect Focus’ current views with respect to certain current and future events. These forward-looking statements are and will be, subject to many risks, uncertainties and factors relating to Focus’ operations and business environment which may cause future events to be materially different from these forward-looking statements or anything implied therein. Any forward-looking statements in this release are based upon information available to Focus on the date of this release. Focus 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 affect Focus may be found in Focus’ filings with the Securities and Exchange Commission.
Investor and Media Contact Information
Steve Calk or Sam Gibbons
Tel: (646) 561-3226
[email protected]
