Focus Financial Partners Inc., a prominent interdependent partnership of wealth management, business management, and related financial services firms, has announced a significant expansion. Two of its network firms, Lake Street Advisors Group, LLC and Edge Capital Group, LLC, have entered into definitive agreements to join SCS Financial, Focus Partners Family Office, and OCIO, headquartered in Boston, Massachusetts. Both transactions are expected to close in the first quarter of 2025, pending customary closing conditions.
Strengthening Capabilities and Reach
By integrating with SCS Financial, both Lake Street and Edge will gain access to enhanced investment management capabilities and expanded family office services. This strategic alignment aims to enrich the value each firm provides to its clients. SCS Financial, in turn, will benefit from the addition of two skilled teams comprising over 70 advisors and professionals who specialize in serving ultra-high-net-worth clients. This collaboration will bolster SCS’ presence across key U.S. regions—Lake Street will strengthen its reach in the Northeast, while Edge will expand its footprint in the Southeast and Southwest.
The combined impact of these transactions is expected to be transformative. Upon completion, Lake Street and Edge are projected to add approximately $3.49 billion and $6.98 billion, respectively, in regulatory assets under management to SCS’ already substantial $32 billion in regulatory assets under management, as of September 30, 2024. With this growth, SCS Financial will solidify its standing as a leading advisor to ultra-high-net-worth clients, operating across 13 offices and supported by a team of over 200 professionals.
Commitment to Client-Centric Excellence
The leadership teams at Lake Street and Edge emphasize the alignment of values and commitment to client success as driving factors for the partnership.
Buddy Webb, Chief Investment Officer of Lake Street, stated, “At Lake Street, we are highly attuned to the challenges and opportunities facing today’s ultra-high-net-worth families and are dedicated to helping our clients address those challenges. We seize on every opportunity to further their success. Joining SCS will allow us to tap into a broader array of industry-leading investment solutions and capabilities, and in turn, provide even more rewarding client experiences.”
Will Skeean, Chairman of Edge, echoed this sentiment, “At Edge, we pride ourselves on putting clients’ interests first, and our primary goal has always been to provide a talented team that prioritizes high-quality client service. By joining SCS, we will gain access to a deep bench of talent and additional resources to help us continue to provide high-quality solutions to clients.”
Harry Jones, Managing Partner of Edge, added, “This partnership represents an exciting evolution for our firm as we strive to enhance the solutions we provide to our clients.”
Leadership Perspective
Tony Abbiati, CEO of SCS Financial, Focus Partners Family Office and OCIO, emphasized the alignment in values among the firms. “Among other core values, Lake Street, Edge, and SCS share a steadfast commitment to providing our clients with carefully tailored tools and advice for helping them understand, expand, and fully leverage their wealth. We look forward to welcoming the talented Lake Street and Edge teams to SCS and collaborating with them to better serve our clients on their journeys toward realizing their personal and financial ambitions.”
Michael Nathanson, CEO of Focus Financial Partners, highlighted the complementary nature of the partnership. “Similar to SCS, both Lake Street and Edge provide tailored solutions to help ultra-high-net-worth clients solve complex challenges. We are pleased to have these like-minded teams come together to enhance each other’s capabilities, and we are excited to see SCS’ presence and position as a leader in the ultra-high-net-worth client segment grow substantially.”
About the Firms
Focus Financial Partners Inc.
Focus Financial Partners is an interdependent partnership of wealth management, business management, and related financial services firms. The organization is rooted in a client-first approach, leveraging the collective expertise of its advisors and professionals. The partnership includes firms operated under the Focus Partners brand, reflecting key business lines. Focus combines innovative solutions, strong capital backing, and deep business expertise to empower its firms in achieving their objectives while better serving clients. More information can be found at www.focusfinancialpartners.com.
SCS Financial, Focus Partners Family Office and OCIO
SCS Financial specializes in wealth and investment management for ultra-high-net-worth individuals, families, and institutions. Operating on a fee-only basis, SCS prioritizes clients’ interests and provides an integrated approach to family office and investment management. Services include financial planning, multi-asset class portfolio management, private investments, and advanced technology solutions. With over $32 billion in assets under management as of September 30, 2024, SCS is a dedicated Family Office & OCIO business line of Focus Financial Partners. SCS’ headquarters are in Boston, with additional offices in New York, Providence, Los Angeles, and West Palm Beach. The completion of the Lake Street and Edge transactions will extend its reach to Atlanta, Dallas, Charlotte, Lexington, Nashville, Tampa, and Portsmouth.
Lake Street Advisors Group, LLC
Lake Street Advisors has been providing tailored financial solutions to ultra-high-net-worth families for over two decades. Known for its deep understanding of clients’ financial lives, Lake Street has built enduring relationships by helping clients navigate the complexities of modern wealth and succession planning. More information can be found at www.lakestreetadvisors.com.
Edge Capital Group, LLC
Edge Capital Group is dedicated to serving individuals, families, and institutions with substantial wealth. The firm focuses on investment management, advanced financial planning, family office services, and advisor coordination to address clients’ financial needs. Headquartered in Atlanta, Georgia, Edge also operates offices in the Southeast and Southwest regions. More details are available at www.edgecappartners.com.
