Jan 7 Focus Financial Partners LLC, a firm that
has expanded by acquiring independent adviser teams across the
United States, said on Monday it added a Seattle-based team that
manages more than $1.5 billion in client assets.
Independent advisory firm Merriman LLC joined Focus
Financial on Dec. 31. The team, which includes nine financial
advisers, has more than 2,000 clients across the United States,
the majority of which are based in the Pacific Northwest.
"Merriman is our big bet here in the greater Seattle
market," Focus founder Rudy Adolf said in an interview, noting
that the acquisition was one of the largest deals for the firm
New York-based Focus Financial with the addition of Merriman
now has nearly $60 billion in client assets managed by its 25
partnering firms and affiliates.
Focus works with independent advisers to provide services
like business start-up support and legal advice. A part of
Focus' role will be to help Merriman expand its business.
"We're certainly looking at opportunities to enhance
growth," said Merriman Chief Executive Colleen Lindstrom. S he
s aid that would be either by adding individual advisers or by
acquiring another investment advisory firm.
Merriman is a fee-only wealth management firm, founded in
1983 by veteran adviser Paul Merriman. The firm focuses on
investment management and financial planning, including
retirement, insurance, estate and wealth transfer, income tax
and charitable giving strategies.