Buckingham Strategic Wealth, a money management firm founded with humble goals, is now set to oversee over $50 billion in assets following a recent merger with Boston-based Colony Group. What started as a one-page business plan to work with nice people, add value to clients’ lives, have fun, and amass $100 million in client assets has now grown into one of the nation’s top 10 wealth-advisory firms.
The merger, orchestrated by Focus Financial Partners, a New York-based company, is part of a larger trend of consolidation in the wealth management industry. Private equity firm Clayton, Dubilier & Rice, which acquired Focus last year, is looking to streamline the 92 firms under its umbrella.
Despite the emphasis on size and scale, Buckingham’s CEO, Adam Birenbaum, is committed to maintaining the firm’s entrepreneurial spirit. With 200 of Buckingham’s 700 employees and 100 Colony employees being Focus shareholders, the ethos of ownership and innovation will continue to drive the merged entity.
As the merged firm prepares to close the deal on July 1, Birenbaum is focused on balancing the benefits of scale with the unique culture that has defined Buckingham’s success. With a team of thought leaders stepping up to fill the shoes of departing executives, including chief research officer Larry Swedroe, the future looks bright for this rapidly expanding wealth management powerhouse.