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Buckingham, Founders to consolidate operations

Focus Financial Partners' two RIAs Buckingham Asset Management and Founders Financial Network have entered into a merger agreement, in accordance with which the Founders will merge into Buckingham.

A $51bn wealth management firm, Focus Financial Partners said that integration of the firms will open new doors of development for the company, while strengthening its Silicon Valley presence.

Terms and conditions have not been disclosed, but the firm said that after consolidation of both firms, their combined client assets under management or administration will reach approximately $17bn.

Buckingham offers only fee based wealth management services to high-net-worth individuals, businesses, trusts, nonprofits and retirement plans.

As per the clauses of the deal, Founders will keep its offices in Cupertino, Burlingame, Palo Alto and San Francisco, and adopt Buckingham’s name.

Kresek will join Buckingham’s executive management team and remain in the Silicon Valley area, alongside other Founders’ partners.