RIA aggregator Focus Financial is continuing to consolidate partner firms; this time, Dallas, Texas-based Brownlie & Braden Advisors is joining partner firm Focus Prairie Capital Management Group, based in Kansas City, Mo.
Since the transaction, Prairie Capital has $7 billion in assets under management. Former Brownlie & Braden president James Braden will become a managing director at Prairie and called the deal “another exciting step” in the firm's evolution.
“The combination will allow us to offer an even wider range of sophisticated solutions to our customers,” he said. “What's equally exciting is the strong cultural reach.”
Brownlie & Braden was founded in 1997 and joined Focus as a partner firm in 2017. The RIA works with high and ultra-high net worth individuals, providing personalized advice, tax and estate planning and other services.
Prairie Capital was founded in 1995 and managed $5 billion when Focus bought it in 2021. In addition to its headquarters in Kansas City (and the newly acquired Brownlie & Braden Dallas-Fort Worth offices), Prairie Capital has principals in Chicago and Denver. The firm works with UHNW individuals, family offices, foundations and foundations, and its services include wealth management, financial planning, tax and estate planning and other family office needs.
According to Prairie Capital Managing Director Andy Klocke, Dallas-Fort Worth is a “key strategic market” for the firm, and the combination of Focus' two partner firms will “significantly increase” Prairie Capital's presence there.
“Brownlie & Braden's expertise, dedication and shared values make this combination a natural fit,” he said.
last year, WealthManagement.com reported that Focus Financial is expected to consolidate about 90 independently operated subsidiaries into some of its largest existing firms.
As part of this strategy, Focus marked several firms as “hubs” for the takeover of existing firms, including The Colony Group, Kovitz Investment Group Partners and SCS Capital Management LLC. Earlier this month, Focus is called based in Los Angeles Gefland, Rennert & Feldman as its fourth center.
Earlier this year, Focus named Mitch Kovitz, principal, founder and co-head of investments at the $7.68 billion partner firm Kovitz, as vice chairman; In addition, Michael Nathanson, CEO of the $21 billion Colony Group, became president of Focus (and later CEO).
Focus has continued to consolidate partner firms, including merger of Colony Group with GW & Wadea Massachusetts-based RIA with $10.4 billion in assets under management. Focus combined The Colony Group with partner firm Buckingham Strategic Wealth in May to create a $50.2 billion RIA.
In June, Focus shifted to the United States of Connectus Wealth Advisers lines of business at The Colony Group and Kovitz Investment Group Partners; a month later, Kovitz bought the partner firm for $2.6 billion Group of relative value partnersbringing Kovitz to more than $24 billion in assets.
This week, Focus announced that two Connecticut-based partner firmsCoast Bridge Advisors and TrinityPoint Wealth will combine under the Coast Bridge name.
Last year, Focus was taken private a sale to the private equity firm Clayton, Dubilier & Rice. After that, all three founders of Focus, including former COO Raijini Kodialam, former M&A director Lenny Chang and former CEO Rudy Adolf, left.