Focus Financial Partners Announced that Confluence Wealth Management Will Join Partner Firm Buckingham Strategic Wealth, Enhancing Buckingham's Presence in the Pacific Northwest

Rhea-AI Summary

Focus Financial Partners Inc. (FOCS) announced a definitive agreement for Confluence Wealth Management LLC to join Buckingham Strategic Wealth, enhancing its presence in the Pacific Northwest. This acquisition will allow Confluence, a well-respected firm known for its financial planning services, to operate under the Buckingham name. The deal is set to expand Buckingham’s client base and resources. Focus believes this transaction reflects industry trends and is integral to their growth strategy, underscoring their commitment to enhancing client service and operational efficiency.

Positive

• Acquisition of Confluence Wealth Management expands Buckingham's footprint in the Pacific Northwest.
• Confluence's clients will gain access to Buckingham's extensive resources and financial planning expertise.
• The transaction indicates Focus's strategic growth through mergers and alignment with industry trends.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / October 30, 2020 / 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 Confluence Wealth Management LLC ("Confluence"), a registered investment adviser located in Portland, Oregon, will join Focus partner firm Buckingham Strategic Wealth, LLC ("Buckingham" or "Buckingham Strategic Wealth"), subject to customary closing conditions.

Confluence offers comprehensive financial planning and wealth management services and serves a diverse group of individual and institutional clients. Upon closing of this transaction, Confluence, under CEO Kathleen Kee's leadership, will operate under the Buckingham name. The firm will establish Buckingham's new Portland office, further expanding its nationwide presence and enhancing Buckingham's presence in the Pacific Northwest region.

"Confluence is well respected in the Portland area for its wealth management and advanced financial planning capabilities. We are thrilled that our two teams will be joining forces, building on our collective strengths and shared philosophy of evidence-based investing," said Justin Ferri, Chief Operating Officer of Buckingham. "Confluence will enable us to expand the number of clients we serve in the Pacific Northwest as we continue strengthening our presence in the region. Access to Focus' growth capital and M&A expertise have been integral to helping us accelerate our growth through strategic mergers like this one."

"We are pleased that Confluence will be joining Buckingham," said Rudy Adolf, Founder, CEO, and Chairman of Focus. "Confluence will add talented advisors and an impressive roster of clients to the Buckingham platform in the important Pacific Northwest wealth management market. Confluence's clients and advisors will benefit from Buckingham's scale and broad resources, especially its financial planning expertise, as well as the strong cultural alignment between the two firms.

This transaction is also further evidence of how we are capitalizing on secular industry trends. We have a large, diverse group of partner firms that offer opportunities to RIA founders and teams seeking to increase their focus on client service and business development, while reducing the time they spend on operational activities. Our partners are leaders in the independent wealth management space and serve sophisticated clients. They benefit from our scale and substantial resources to offer state-of-the-art capabilities and the integrated, highly personalized services that their clients expect."

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 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 42 offices in 22 states. For more information about Buckingham, please visit www.BuckinghamSW.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 Inc.

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FAQ

What is the significance of the acquisition of Confluence Wealth Management by Focus Financial Partners?

The acquisition enhances Buckingham Strategic Wealth's presence in the Pacific Northwest and expands its client base.

When was the announcement made regarding Confluence joining Buckingham?

The announcement was made on October 30, 2020.

What are the expected benefits for clients of Confluence after the acquisition?

Clients will benefit from Buckingham's scale, resources, and advanced financial planning capabilities.

How does this acquisition fit into Focus Financial Partners' growth strategy?

It demonstrates Focus's strategy of accelerating growth through strategic mergers and capitalizing on industry trends.

Who is leading Confluence Wealth Management?

Confluence is led by CEO Kathleen Kee.