Practice Management Building Your Business

Focus Partner Firm Buys $650M RIA

News August 29, 2019 at 04:11 PM
Share & Print

(Image: Shutterstock)

The Colony Group, a financial advisory firm with $10 billion in assets affiliated with Focus Financial, says it is buying RIA Harvest Capital Management of Concord, New Hampshire, though no purchase price was disclosed.

After the transaction closes, the Boston-based,  fee-only Colony Group  will have 14 offices in seven states with more than 195 team members, it said in an announcement. In addition to Massachusetts, the firm currently has offices in Colorado, Florida, Maryland, New York and Virginia.

"Given the two firms' cultural alignment and similar client service philosophies, this transaction will create meaningful benefits, in particular for the combined firm's business owner clients," according to Focus CEO and Chairman Rudy Adolf.

Harvest has $650 million in AUM, according to the group's latest SEC filing. The companies didn't immediately respond to a request for comment.

Colony struck a deal with Aurora Financial Advisors early this year, a transaction that expanded Colony's offices in Massachusetts. In March, Colony entered into a merger with Boca Raton, Florida-based Steinberg Global Asset Management.

Explaining why Harvest was so attractive to his firm, Colony CEO and Chairman Michael Nathanson said in a statement that the Concord RIA "developed an engaging, differentiated process that takes business owners — often the leaders of family-owned businesses — through strategic transactions, helping them consider not only the financial implications but also how various structures and outcomes may impact their professional identities and family dynamics."

He added: "We believe that this capability will be a significant addition to the solutions we currently offer to our business owner clients."

Harvest was founded in 1995 by Marshall Rowe, its CEO, who later partnered with Jim Fitts and John Weeks, as the firm enhanced its talent and service offerings to meet the needs of business owners anticipating strategic transactions with respect to their businesses, the companies said. Rowe will join Colony's executive team and lead its Business Owner Practice after the purchase is finalized.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Related Stories

October Broke RIA Deal Record: DeVoe Which Leads Are Most Likely to Become Clients? This AI Tool Helps Advisors Find Out. What Makes the 2024 Luminaries Finalists Stand Out Where to Find 4 Types of Wealthy Clients Axos to Integrate Envestnet's Managed Account Tech 20 Best-Paying Jobs for College Business Majors: 2024

Resource Center

Why Charitable Expertise Should Be Part of Your Practice link

White Paper

Why Charitable Expertise Should Be Part of Your Practice

Generative AI Trends Among U.S. Financial Advisors and Consumers link

White Paper

Generative AI Trends Among U.S. Financial Advisors and Consumers

Tech Is the New Talent Magnet: Firms That Invest in Innovation Attract Top Advisors link

White Paper

Tech Is the New Talent Magnet: Firms That Invest in Innovation Attract Top Advisors