By Focus Financial Partners, a network of independent wealth management firms, has made two top level executive appointments as the company transitions under new private-equity ownership.
Mitch Kovitz appointed as Vice Chairman
Effective immediately, Mitch Kovitz will assume the role of vice chairman at Focus Financial Partners. Kovitz, who is the principal, founder, and co-chief investment officer of his namesake wealth management firm, is a partner of Focus and manages $7.3 billion in assets according to its Form ADV regulatory filing.
Michael Nathanson named new President
Michael Nathanson will become the new president of Focus Financial Partners starting from February 1st. Currently serving as the CEO of The Colony Group, a partner firm of Focus, Nathanson oversees $18.9 billion in assets as stated in its latest Form ADV.
Both executives will maintain their existing positions within their respective firms while taking on their new roles at Focus Financial Partners.
Bringing in fresh perspectives
“These appointments are not just about filling positions; they are about bringing in fresh, dynamic perspectives to our leadership team,” said Dan Glaser, chairman and interim CEO at Focus. As the former CEO of Marsh McLennan and an operating partner at Clayton, Dubilier & Rice, the private-equity firm that acquired Focus Financial last year, Glaser emphasizes the commitment to evolving and embracing new ideas. This ensures that Focus Financial Partners remains at the forefront of the financial services industry.
Focus Financial Partners, once a publicly traded company, is now under new ownership as it embarks on a new chapter in its journey.
Focus Financial: Navigating a Transition
Focus Financial is undergoing a significant transition under the leadership of its current CEO, Glaser. With the departure of former CEO Rudy Adolf, Glaser has taken charge and is working towards creating a more cohesive and efficient organization. As part of this transition, new executives such as Eric Amar, the chief growth officer, and Travis Danysh, the head of mergers and acquisitions, have been brought onboard.
Originally founded by Adolf in 2004, Focus Financial has become known for its aggressive approach in acquiring registered investment advisor firms. However, unlike its competitors CI Financial and Captrust, Focus Financial offers partner firms greater flexibility. Instead of fully integrating the acquired firms, Focus Financial acquires their assets while allowing each firm’s principals to retain control over their respective management companies.
Focus Financial’s unique approach grants partner firms autonomy in managing their practices. The company does not require them to adopt the Focus brand, use a specific custodian for their assets, or implement specific technology. In return for this flexibility, Focus Financial receives a share of the partner firms’ earnings. Additionally, they provide partner firms with capital, assistance in mergers and acquisitions, and guidance on practice management to facilitate their growth.
While Glaser, Kovitz, and Nathan were unavailable for immediate interviews, Glaser recently discussed Focus Financial’s new business model in an interview with Citywire. Despite having 90 partner firms, Glaser emphasized that the goal is not to merge all firms into one entity or dictate the thought processes of partner firms. Focus Financial’s intention is to consolidate its network while respecting the preferences and independence of individual firms.
In conclusion, under Glaser’s leadership, Focus Financial aims to create a more cohesive organization that operates with greater efficiency. By offering flexibility to partner firms and providing support for their growth, Focus Financial continues to be a prominent player in the industry.
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