Focus Financial Adds $400M RIA in Midwest

"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," Van Timmeren explained. "We look forward to a truly collaborative relationship with Focus and its partners as we continue to develop our practice."

Founded in 2006 with $3.5 billion in client assets, New York-based Focus has been expanding at a fast clip by adding veteran RIA and ex-wirehouse teams, a strategy that many firms in the business are pursuing aggressively to tap into the $3.2 trillion independent-RIA market.

The partnership said in mid-July that it had wrapped up 10 transactions and boosted client assets by $14 billion over the past 12 months. The group's independent advisors and their practices had about $62 billion in client assets and more than $250 million in yearly revenue, it noted at the time.

Also last month, the private-equity firm Centerbridge Capital Partners said it would invest $216 million in the RIA partnership. This arrangement is expected to close in the third quarter, with Focus partners and management retaining a majority of their ownership in the company; Focus' investors, Summit Partners and Polaris Ventures, will continue as shareholders.