Focus Financial, a partnership of independent wealth management firms, said the Focus Connections service is for brokers “who reflect the core values of the company.”
Through Focus Connections, advisers who have made the decision to go independent can work with an interim COO who guides them through the range of start-up issues, including everything from the mechanics of setting up a small business to best practices for running an RIA, according to a Focus press release. Once the RIA is up and running, it can tap into other resources at Focus, such as marketing and HR support; access to capital to complete sub-acquisitions; assistance with recruiting new talent; and the sharing of best practices with Focus’ partner firms.
Focus said it is selective about the teams with which it consults, because it does so “with an eye to eventual partnership.’ The typical profile of a Focus Connections firm: entrepreneurially minded broker or team with a business model that is primarily fee-based, and serves an established and growing client base with a minimum of $400 million in assets.
According to the release, areas in which broker teams receive guidance and counsel include:
- business administration — creating and managing a budget, corporate and business insurance, and benefits;
- new business set-up — identifying and negotiating real estate, furniture, IT hardware (i.e., computers, printers, fax, mobile devices), telephone systems, and Internet;
- RIA infrastructure — custodian selection and performance reporting.
More information is available at www.focusfinancialpartners.com.