NEW YORK & ST. LOUIS--(BUSINESS WIRE)--Focus Financial Partners, LLC (‘Focus’), the leading international partnership of independent wealth management firms, today announced Classic Capital, based in Short Hills, NJ, has merged with Buckingham Asset Management (‘Buckingham’), a Focus partner firm headquartered in St. Louis, MO. The merger brings Buckingham additional scale and increases its total locations to eight.
Founded by Jay Leonard in 1989, Classic Capital provides investment management and financial planning services to individuals, families and institutional retirement plans. In 2013, Mr. Leonard signed a Focus Successions® agreement with Buckingham to put in place a business continuity plan for his clients. Two years later, the parties recognized the complementary nature of the businesses, and decided that Classic Capital would formally merge with Buckingham as part of Mr. Leonard’s retirement and client transition plan. While Mr. Leonard will continue managing his clients’ assets, the partnership with Buckingham affords him the peace of mind in knowing that his clients are protected for the future.
Classic Capital will assume the Buckingham name, and two associates will join the Buckingham team as employees based in Short Hills, New Jersey.
“Buckingham’s client-centric approach and evidence-based investment philosophy made joining them a natural fit. We share a common belief in doing the right thing and acting in clients’ best interests at all times,” said Jay Leonard, Founder and Principal of Classic Capital. “With Focus’ capital backing and strategic support, the aligned efforts will allow us deliver deeper, more comprehensive solutions to our clients.”
The patent-pending Focus Successions® Program offers advisors with the ability to provide continuity of service to their clients should they wish to retire or in the event of an unplanned life circumstance. This is achieved by matching advisors with the existing Focus partner firm that offers the most similar business model including client-service, investment philosophy and culture. Advisors participating in the program choose if and/or when to activate the succession plan, and if so, agree in advance to the terms under which a transition would occur. Launched in 2013, this program currently has more than 50 firms signed aggregating over $5 billion in client assets.
“Jay Leonard and the team have built a wonderful firm that was the perfect cultural, ideological and service-centered fit for us,” said Adam Birenbaum, CEO of Buckingham Asset Management. “This transaction continues our strategic effort to have geographically diverse locations and bolsters our resources and our ability to serve clients around the country.”
“Buckingham’s rapid growth has been impressive since joining Focus, and we remain keenly focused on supporting our partners’ strategic growth aspirations,” said Rudy Adolf, Founder and CEO of Focus Financial Partners. “The merger reinforces Buckingham’s commitment to growth and pursuit of excellence across the country.”
About Buckingham Asset Management
Buckingham provides comprehensive wealth management and financial planning services to individuals, businesses, trusts, not-for-profits, medical professionals and retirement plans. Its investment approach centers on modern portfolio theory implemented through passively managed mutual funds and Buckingham’s fixed income portfolio design and execution capabilities. Headquartered in St. Louis, Buckingham has offices in Dallas, TX, Burlington, IA, Indianapolis, IN, Short Hills, NJ and Irvine, Cupertino and Santa Rosa, CA. Additional information can be found at http://www.buckinghamadvisor.com
About Focus Financial Partners
Founded in 2006, Focus Financial Partners, LLC, is the leading international partnership of independent, fiduciary wealth management firms. With more than $325 million in annual run rate revenues, 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 entrepreneurial independence, while they benefit from the synergies, scale, economics and best practices of the market leader to achieve their business objectives. 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 about Focus Financial Partners, please visit www.focusfinancialpartners.com