December 2, 2020
Louis Diamond Quoted
By Ian Wenik
Focus Financial Partners is introducing a new back office services-focused acquisition model — and has already added four firms to the offering.
Louis Diamond, an executive vice president at advisor recruiting and consulting firm Diamond Consultants, likened Connectus to the acquisition model of RIA aggregator Hightower. Hightower buys a portion of its firms’ earnings, allows them to retain their brand names and provides shared services, but places their assets on a single Form ADV it files with the Securities and Exchange Commission.
‘There’s plenty of firms that are good fits with Focus’ but are ‘not looking to give up full control of everything else,’ Diamond said.