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January 22, 2017 at 11:00 PM CST
Focus Partner Firm Benefit Financial Services Group Expands With Second Merger
Focus Partner Firm Benefit Financial Services Group Expands with Second Merger
FOCUS’ M&A RESOURCES SUPPORT PARTNER FIRM’S FAST GROWTH
New York, NY- January 23, 2017 – Focus Financial Partners (‘Focus’), a leading partnership of independent, fiduciary wealth management firms, today announced that its southern California-based partner firm Benefit Financial Services Group (‘BFS’) closed a merger with PacWest Financial Management (‘PacWest’), a registered investment advisory firm based in Phoenix, Arizona. This deal will strengthen BFS’ wealth management services and expand its operations by adding a Phoenix office to its existing office locations in Irvine and Anaheim Hills, California.
BFS was founded in 1990 for the sole initial purpose of serving retirement plan fiduciaries and other institutional clients. The firm adheres to the highest fiduciary standard in its work advising retirement plans in both the public and private sectors. In January 2016, BFS merged with Powers Capital Investments to establish a wealth management division with a sizable high-net-worth client base and a strong team of seasoned investment professionals. Following last year’s deal, this merger with PacWest will further help to realize BFS’ objective of establishing a regional powerhouse for institutional and high-net-worth wealth management.
Founded by Grace Lau in 1997, PacWest provides comprehensive wealth management and financial planning services to approximately 200 families and individuals. At the time of founding PacWest, Ms. Lau brought with her nearly two decades of invaluable experience at a variety of organizations including Standard & Poor’s, Wells Fargo, Northern Trust and Barclays that allowed her to build a highly-regarded firm with a reputation for consistent quality service and wealth management expertise.
“PacWest’s dedication to its clients and its wealth management expertise make the firm a great addition to BFS’ wealth management division. We are delighted to have the PacWest team join us,” said Patrick Powers, Managing Principal and President of BFS Wealth Management.
“We believe PacWest will help us make significant strides in our continued expansion plan. Focus has been instrumental in the transaction process and we look forward to tapping into the resources the firm has to offer to further drive our growth,” shared John Campbell, Founder and Managing Principal of BFS Institutional Services.
“We are excited to provide the necessary capital and resources to help BFS realize its long-term strategy and close its second merger,” said Rudy Adolf, CEO and Founder of Focus. “These mergers, among like-minded entrepreneurs, have served to expand the firm’s service offering, team size and geographic footprint, making BFS a model for other firms that seek to expand their capabilities.”
About Focus Financial Partners
Focus Financial Partners is a leading partnership of independent, fiduciary wealth management firms. Focus provides unrivaled access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with wealth management, benefit and investment consulting services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices of the market leader to achieve their business objectives. For more information about Focus Financial Partners, please visit www.focusfinancialpartners.com.