Focus Financial Partners has agreed to acquire Homan Wealth Advisors, an Omaha, Neb.-based registered investment advisor.
Homan Wealth Advisors will be absorbed into Focus's Buckingham Strategic Wealth business, which is itself now part of that parent company's Colony Group. This is Colony's first external deal since then joined Buckingham in May.
As of June, the combined Buckingham/Colony firm had $95 billion in assets. There are 90 locations in 31 states and the District of Columbia.
Last year, Focus was taken private a sale to the private equity firm Clayton, Dubilier & Rice. Since then, executives have been busy cleaning up its sprawling operation, consolidating 90 independently operated subsidiary practices in a handful of its larger brand firmsincluding Colony and Kovitz.
Homan, which was founded in 2003 by Richard “Rick” Homan, is not a partner firm of Focus. According to its most recent Form ADV, the RIA managed about $271 million in client assets and advised on $120.5 million in retirement plans.
The firm has long partnered with Buckingham, operating on its associated wealth management platform, Buckingham Strategic Partners, since its inception.
“As our clients know, for more than 20 years, we have leveraged the resources, experience and knowledge of the BSP team to handle our back office tasks,” Homan said in a statement. “This alliance has given us the time and space to serve our customers and their unique needs in a personalized way. As we considered the future of the firm, joining Buckingham Strategic Wealth was a natural next step.”
“This transaction is another step in a new era of opportunity for our company,” said Michael Nathanson, former head of Colony who was named CEO of Focus in April. “We believe the combined Buckingham/Colony business presents a differentiated, leading opportunity for both clients and advisors, and we expect it to achieve rapid growth in the future.”
Terms of the deal, which is expected to close in the fourth quarter, were not disclosed.