$95B Colony Announces First External Deal Since Buckingham Merger$95B Colony Announces First External Deal Since Buckingham Merger
Omaha-based Homan Wealth Advisors will join Colony's Buckingham Strategic Wealth.
Focus Financial Partners has agreed to acquire Homan Wealth Advisors, an Omaha, Neb.-based registered investment advisor.
Homan Wealth Advisors will be brought into Focus’s Buckingham Strategic Wealth business, which is itself now part of that parent company’s The Colony Group. This is Colony’s first external deal since it merged with Buckingham in May.
As of June, the combined Buckingham/Colony firm had $95 billion in assets. It has 90 locations across 31 states and the District of Columbia.
Last year, Focus was taken private in a sale to private equity firm Clayton, Dubilier & Rice. Since then, executives have been busy cleaning up its sprawling operation, consolidating its 90 independently operated subsidiary practices into a handful of its largest branded firms, including Colony and Kovitz.
Homan, which was founded in 2003 by Richard “Rick” Homan, is not a Focus partner firm. According to its most recent Form ADV, the RIA managed about $271 million in client assets and advised on $120.5 million in retirement plans.
The firm has long partnered with Buckingham, operating on its affiliated wealth management platform, Buckingham Strategic Partners, since its inception.
“As our clients know, for over 20 years, we have leveraged the BSP team’s resources, experience and knowledge to handle our back-office duties,” Homan said in a statement. “This alliance has allowed us the time and space to serve our clients and their unique needs in a personalized manner. As we considered the future of the firm, joining Buckingham Strategic Wealth was a natural next step.”
“This transaction is yet another step in a new era of opportunity for our company,” said Michael Nathanson, the former head of Colony who was named Focus CEO in April. “We believe the combined Buckingham/Colony business presents a differentiated, leading opportunity for both clients and advisors and expect it to achieve rapid growth going forward.”
Terms of the deal, expected to close in the fourth quarter, were not disclosed.
