Focus chugs along with hub merger strategy

Mitch Kovitz, vice chairman of Focus Financial and CEO and co-founder of Kovitz Investment Group Partners; and Neal Price, principal and co-founder of Strategic Wealth Partners

The latest intra-network consolidation, involving a HNW and retirement plan practice in Illinois, is set to form a $14.5B wealth firm.

Focus Financial has marked another milestone in its ongoing hub strategy with another merger of wealth firms within its partner network.

It announced that Focus partner firm Strategic Wealth Partners Group is set to merge with Kovitz Investment Group Partners, one of the fiduciary wealth network’s hub firms.

The merger, expected to be finalized in the second quarter, hinges on customary closing prerequisites.

Located in Deerfield, Illinois, Strategic Wealth Partners has built a successful practice delivering comprehensive wealth strategies, independent guidance, and bespoke services catering to affluent individuals, families, and retirement plan sponsors.

The consolidation is expected to result in a merged entity commanding over $14.5 billion in managed assets, reflecting the total regulatory assets under management of the precursor firms as of February 29.

The merger is set to enhance the firms’ reach, especially in the greater Chicago region, assisting high-net-worth individuals, families, and institutions with advice around retirement, business succession, and other areas of wealth management.

“We are continually looking for ways to manage complexity and deliver simplicity for our clients,” Neal Price, principal and co-founder of Strategic Wealth Partners, said in a statement.

“As we join forces, we’re creating greater opportunities to further enhance the scale of our services and to provide our clients with the outstanding offerings and guidance they expect from their advisors,” said Mitch Kovitz, CEO and co-founder of Kovitz and vice chairman of Focus.

“This powerful union underscores our commitment to, and role in, working with firms dedicated to serving clients to the absolute best of their ability,” added Michael Nathanson, president of Focus.

Nathanson and Kovitz were appointed to their respective leadership roles in January’s executive leadership changes at Focus.

Post-merger, Strategic Wealth Partners will operate under its current name for a transition period, ensuring continuity for clients and partners during the integration phase.

The merger of SWP into Kovitz is the third intra-partnership consolidation at Focus, following a March move that combined GW & Wade in Massachusetts with The Colony Group.