Focus Monetary Companions, a publicly traded partnership of fiduciary wealth administration companies, introduced that Beaumont Monetary Companions, a registered funding advisor based mostly in Needham, Mass., will likely be becoming a member of the Focus community. The transaction, which is the fourth Focus has introduced this yr, is anticipated to shut within the fourth quarter.
Established in 1999 from predecessor agency Beaumont Belief Associates, Beaumont, with $3 billion in belongings, gives funding administration, wealth and property planning, tax preparation, insurance coverage options and pension consulting companies to excessive web value people and households. The agency will proceed to be led by Tom Cahill and Larry Fiore as managing companions and Phil Dubuque as CIO, in addition to the remainder of the management staff.
“Our strategic relationship with Focus will present our staff with expanded assets and improve the options we are able to provide our purchasers by means of their value-add packages,” stated Cahill. “We respect that as a Focus associate agency, we are going to preserve our entrepreneurial tradition and autonomy. Entry to Focus’ business main community of 87 like-minded companions will even permit us to refine our greatest practices and enhance our shopper expertise. With Focus as a associate, we’re effectively positioned to advance our development trajectory within the years to return.”
“We’re delighted to welcome a agency of Beaumont’s caliber and popularity to the Focus partnership as our fourth new associate yr so far,” stated Rudy Adolf, founder, CEO and chairman of Focus. “Beaumont’s observe file of development, energy of its advisory providing, and its unimaginable staff will likely be a robust match with our partnership from day one. Beaumont augments our in depth presence in and round Boston, and it’ll profit from our value-added assets in addition to its proximity to different main Focus companions within the Northeast.”
Because it was based in 2006, Focus has performed greater than 250 offers and added 87 associate companies to its quickly rising platform. In 2021, the agency added 14 new associate companies and reported annual income of $1.8 billion, with an “adjusted” EBITDA of $453.1 million. Adolf indicated late final yr that he plans to succeed in $4 billion in income, $1.1 billion in EBITDA and 125 associate companies by 2025.
Colchester Companions, an funding banking and M&A advisory agency, served as monetary advisor to Beaumont on the transaction.