NEW YORK & SEATTLE--()--Focus Financial Partners, LLC, the largest partnership of independent wealth management firms, today announced the acquisition of Seattle-based RIA, Merriman, LLC. Merriman is one of the leading fee-only wealth management firms in the Pacific Northwest with over $1.5 billion in client assets. This transaction brings Focus to almost $60 billion in client assets, reinforcing the continued growth the company has experienced over the years. The deal went into effect on December 31, 2012.
“When we look at where the industry is headed, it is clear that clients value working with fiduciary advisors. Our vision has always centered on changing the way people manage money, and partnering with Focus gives us additional resources to bring our expertise to more clients in the region”
“We are excited to have Merriman join our partnership as it marks our entry into the Seattle market and expands our West Coast presence,” said Rudy Adolf, founder and CEO of Focus. “Focus had a terrific 2012 from a combination of new firms, subacquisitions and talented recruits joining our firms, in addition to growth from existing firms. We expect favorable trends to support continued growth in 2013.”
Merriman provides comprehensive wealth management, focusing on investment management and financial planning, including retirement, insurance, estate/wealth transfer, income tax and charitable giving strategies. The company services over 2,000 clients located across 49 states, with the majority concentrated in the Pacific Northwest region. Founded by Paul Merriman in 1983, Merriman is committed to bringing strong fiduciary standards to its clients through an academically-based, globally diversified investment strategy.
“When we look at where the industry is headed, it is clear that clients value working with fiduciary advisors. Our vision has always centered on changing the way people manage money, and partnering with Focus gives us additional resources to bring our expertise to more clients in the region,” said Colleen Lindstrom, CEO of Merriman. “Focus’ expertise around acquisitions and succession planning is especially exciting for us as we look to grow and attract new talent.”
Merriman has 36 employees, nine of whom are financial advisors. This partnership will allow Merriman’s advisors to take a larger stake in the company, further emphasizing their commitment to clients. Merriman will celebrate its 30th business anniversary this coming May.
About Focus Financial Partners
Founded in 2006, Focus Financial Partners, LLC, is the leading international partnership of independent, fiduciary wealth management firms. With almost $60 billion in client assets and over 800 employees, including over 100 partners, Focus provides wealth management, benefit and investment consulting services to individuals, families, employers and institutions. Clients benefit from Focus’s independence, unrivaled access and continuity. Focus principals maintain their entrepreneurial independence, benefit from the synergies, scale, economics and best practices of the market leader and achieve an eventual, smooth ownership transition. Focus was included on Inc. magazine’s 5000 ranking of the nation’s fastest-growing private companies in 2011 and 2010. In 2012, Focus was named a Crain’s New York Business “Fast 50” growth firm in New York City. For more information, please visit www.focusfinancialpartners.com.
About Merriman, LLC
Founded in 1983, Merriman, LLC is a Seattle-based wealth management firm that advises on approximately $1.5 billion in client assets. The firm emphasizes a comprehensive wealth management approach that incorporates financial planning, retirement planning, insurance, estate/wealth transfer planning, income tax planning and charitable giving strategies supported by their core investment management offering. Today, Merriman employs a total of 36 staff, including 16 Principals, and serves over 2,000 clients. For more information, please visit www.merriman.com.