Focus Financial Partners, one of the countrys largest RIA aggregators, has recorded its fourth deal of the year.
The company announced Monday the acquisition of LaFleur & Godfrey, based in Grand Rapids, Mich., with $400 million in client assets.
We are really excited because we ultimately believe LaFleur will be a platform for other firms to join, says Rudy Adolf, founder and CEO of Focus. We have pretty good penetration in the Midwest, but this is our first deal in Michigan. In this market there are quite a lot of smaller firms that could team up with LaFleur.
Adolf says he anticipates many of those firms will be composed of wirehouse brokers who no longer want to sell product.
LaFleur is one of the largest RIAs in Western Michigan, according to a Focus release. It has been in Grand Rapids for nearly 30 years, and serves more than 200 clients.
'HIGH-TOUCH' PRACTICE
In the statement announcing the deal, Adolf praises the firm for its high-touch service, deep client relationships and a drive for growth.
Daniel VanTimmeren, principal at LaFleur & Godfrey, says in the same statement that Focus track record of helping entrepreneurs expand their RIA firms was part of the appeal: Our ability to tap into a deep knowledge base and additional resources while remaining independent were key factors in our decision to join the partnership.
Founded in 2006, Focus says it added $14 billion in assets last year alone, growing to $60 billion in AUM with more than $250 million in revenue. Adolf says he expects 2013 also will be a strong year.
Focus provides wealth management, benefit and investment consulting services to individuals, families, employers and institutions. Firms that join Focus maintain their entrepreneurial independence, while benefitting from Focus synergies and scale, according to the release.
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