Carolina Capital Consulting Will Join Focus Partner Firm Buckingham Strategic Wealth, Establishing Buckingham's Presence in North Carolina

Rhea-AI Summary

Focus Financial Partners Inc. (NASDAQ:FOCS) announced a definitive agreement for Carolina Capital Consulting to join its partner firm Buckingham Strategic Wealth. This transaction, expected to close in Q3 2021, will enhance Buckingham's wealth management capabilities in North Carolina. Carolina Capital, a fiduciary firm established in 1994, specializes in wealth management and tax planning, particularly for professionals in the healthcare sector. The partnership aims to improve client service and expand the firms' national reach while maintaining their operational independence.

Positive

• Acquisition of Carolina Capital enhances Buckingham's wealth management capabilities.
• Partnership allows for improved service offerings to Carolina Capital's high net worth clients.
• Expansion into North Carolina enhances Buckingham's national presence.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / April 30, 2021 / Focus Financial Partners Inc. (NASDAQ:FOCS) ("Focus"), a leading partnership of independent, fiduciary wealth management firms, announced today that it has entered into a definitive agreement under which Carolina Capital Consulting, Inc. ("Carolina Capital"), a registered investment adviser located in Charlotte, North Carolina, will join Focus partner firm Buckingham Strategic Wealth, LLC ("Buckingham" or "Buckingham Strategic Wealth"). This transaction is expected to close in the third quarter of 2021, subject to customary closing conditions.

Founded in 1994 by Brian Fenn, Carolina Capital is a fee-only fiduciary firm and offers wealth management services to executives and other professionals, business owners, and retirees and their families predominantly in the Charlotte metropolitan region. Carolina Capital also has significant expertise in delivering wealth management and tax planning services to individuals in the healthcare field, having served physicians and senior-level executives at Atrium Health, a large healthcare organization headquartered in Charlotte, for nearly three decades.

"Carolina Capital is a well-respected provider of wealth management and tax-efficient planning services to high net worth clientele in the Charlotte area. We are thrilled to have them join our team, building on our collective strengths and shared philosophy of evidence-based financial planning and portfolio management," said Justin Ferri, Chief Operating Officer of Buckingham.

"Our mission has always been to improve the quality of our clients' lives by giving them peace of mind through the work we do for them. We help them to make prudent financial decisions, reinforced by our uncompromising integrity and the highly personalized services we offer," said Brian Fenn, CFP®, CLU, ChFC, President of Carolina Capital. "Partnering with Buckingham will expand the holistic wealth management services we can offer. It will also give us access to excellent thought leadership resources and a full range of support functions. These capabilities will further enhance our ability to serve clients nationwide as stewards of their trust."

"We are pleased that the Carolina Capital team has chosen to join Buckingham," said Rudy Adolf, Founder, CEO and Chairman of Focus. "Carolina Capital's clients will immediately benefit from Buckingham's broad wealth management capabilities, while further expanding Buckingham's growing national presence. Strategic transactions like these enable founders and teams to enhance their client experience through access to the expertise and resources of firm that is a leader in holistic wealth management. Our diverse partnership of 74 firms ensures that firms seeking a merger will find an appropriate cultural fit, while benefitting from the many scale advantages and value-added services Focus offers."

About Focus Financial Partners Inc.
Focus Financial Partners Inc. 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, please visit www.focusfinancialpartners.com.

About Buckingham Strategic Wealth
Buckingham Strategic Wealth, LLC helps individuals, families, businesses, trusts, nonprofits, retirement plans and medical practice owners achieve their most important life and financial goals by creating customized, comprehensive, evidence-based financial plans. Buckingham's investment philosophy is rooted in an academic approach tailored to address each client's willingness and ability to accept market risk. As a registered investment adviser, Buckingham has a fiduciary obligation to its clients. Buckingham's investment approach centers on modern portfolio theory implemented through passively managed mutual funds and the firm's fixed income portfolio design and execution capabilities. Headquartered in St. Louis, Buckingham has 43 offices in 22 states. For more information, visit www.buckinghamstrategicwealth.com.

Cautionary Note 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, including, without limitation, uncertainty surrounding the current COVID-19 pandemic, 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
Tina Madon
Senior Vice President
Head of Investor Relations & Corporate Communications
Focus Financial Partners
P: +1-646-813-2909
tmadon@focuspartners.com

SOURCE: Focus Financial Partners

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FAQ

What is the recent transaction involving FOCS?

Focus Financial Partners announced the acquisition of Carolina Capital Consulting, which will join its partner firm, Buckingham Strategic Wealth.

When is the transaction between Focus and Carolina Capital expected to close?

The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions.

What services does Carolina Capital provide?

Carolina Capital specializes in wealth management and tax planning, primarily for executives, business owners, and retirees in the Charlotte region.

How will the acquisition affect Buckingham Strategic Wealth?

The acquisition will enhance Buckingham's service offerings and expand its national presence, particularly in North Carolina.

Who founded Carolina Capital?

Carolina Capital was founded in 1994 by Brian Fenn.