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tives , private strategies , specialty strategies and ESG investing will now be available to Buckingham and its clients .

Nathanson added the two firms complement each other in other ways as well . Buckingham , he noted , is strong in financial planning while Colony offers services in the areas of tax planning , bill paying and family office . “ These are services that Buckingham previously did not have available to its clients .”

Moreover , having a “ true ” national presence is also advantageous . He noted that Colony was already a national firm with locations largely on the East Coast and West Coast and parts of the Midwest ,

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“ I am a big believer in the fiduciary standard , and it is a better , stronger , more continuous standard of advice than Reg BI . We are creating the leading fiduciary advice platform in the country .”

— Michael Nathanson

Content Specific Channels Event Calendar Expert Views Investment Perspectives Market & Economic Outlook Next Chapter On The Move RIA Market Central Videos Webcasts Whitepapers while Buckingham has great geographic strength in the Midwest and in the center of the country . “ So , if we put the two organizations together , it truly is a national organization .”

Because many of Focus ’ s partner firms have been successful on their own , there will be many debates about which approaches , services and investment platforms are better when firms consider joining forces , he said . “ And we look forward to having those debates and we welcome the passion that all the firms have about what they have been doing .” But ultimately , he said , the expectation is to have a “ best-of approach ,” which he acknowledged will be challenging to determine but “ it will have to be [ that the ] best ideas win .”

He said the RIA profession is entering an age of interdependence , which was the topic of a Financial Advisor article he authored in January . For a business that was born out of fierce independence , there is likely to be “ a tension between independence and interdependence ” over the next decade , he argued . “ I believe you can have both .”

He sees the interdependence model as an opportunity for Focus firms to operate at scale under the fiduciary standard . “ I am a big believer in the fiduciary standard , and it is a better , stronger , more continuous standard of advice than Reg BI ,” he said . “ We are creating the leading fiduciary advice platform in the country .”

Focus happens to be celebrating its 20th anniversary and , since the financial crisis , it has been one of the most active acquirers in the advisory space . One thing that will change going forward is that while Focus will remain a big acquirer , from now on it will purchase all of a future acquiree ’ s equity . In the past , it would purchase a controlling majority interest but leave the founders with a significant stake so that they would have “ skin in the game .”

Nathanson believes Focus ’ s plans for shared services , including a “ world-class ” investment platform , will be a compelling reason for other firms to think about joining forces with it .

He also said that when Focus was a public company between 2018 and 2023 , there were tax issues that made certain acquisitions problematic . Though he did not elaborate , he indicated that the firm would have more flexibility as a private company .

26 | FINANCIAL ADVISOR MAGAZINE | JUNE 2024 WWW . FA-MAG . COM