Focus Financial pivots to breakaway strategy with Fidelity recruit
Mark Dupont will put a new spin on the big aggregator but entrepreneurial bent remains
Dan Jenkins
Makes sense that Focus Financial would devote more resources to investing in breakaways. It’s far cheaper and since they apparently didn’t do any due diligence when they bought Geller Group in 2006, has less liability (plus less leikley to blow up).
That Geller Group purchase was a debacle. $30 million (I heard) for a producing TPA that had to merge with another Focus compnay because their founders are under DOL criminal investigation for fake audits and hidden fees.
Hopefully, Rudy learned his lesson.
Related Moves
With RIA valuations ticking down and successions ticking up, Focus Financial deep sixes 'drunken sailor' pause, forgoes buyback plan and adds a CEO
CEO Rudy Adolf sees a 'softening' in multiples after a couple of frothy years when CI Financial dominated headlines and big RIA deals
August 13, 2022 at 12:39 AM
Focus Financial makes 'abrupt' CEO call, lets Rudy Adolf go into 'retirement,' with 'no solution in place;' the eighth RIA chief executive unseated since June as VCs move in -- where is the EBITDA?
Clayton, Dubilier & Rice closed on its $7-billion purchase of the roll-up on Aug. 31 -- with no hint that its parting of the ways with legendary 60-year-old founder was in the offing.
October 24, 2023 at 1:19 AM
Goldman Sachs-Creative Planning deal is bleeding defectors -- 16 more last week, report says -- auguring a 'potential disaster,' analysts warn
Dozens of former 'United Capital' advisors are fleeing at once, but Peter Mallouk is still battling to keep them, and Goldman Sachs may play legal hardball, sources say.
October 4, 2023 at 2:16 AM
Dan Seivert's ripping success in RIA M&A deals has odd side effect of having some sidearm staff leave for new vistas
Carolyn Armitage and Mark Bruno left to mutual benefit, while Echelon Partners roars on, feeding the beast of deal-crazed RIA buyers and sellers.
July 20, 2021 at 1:17 AM
See more related moves
Focus Financial Partners, LLC
Consolidator/Roll-up Firm
Top Executive: Rudy Adolf
