A $2 billion, 69-year-old Merrill Lynch advisor passes up the gold watch in favor of breaking away
Fearing the loss of massive public accounts, John Beirne swallowed the idea of independence with help from Focus Financial
With RIA valuations ticking down and successions ticking up, Focus Financial deep sixes 'drunken sailor' pause, forgoes buyback plan and adds a CEO
CEO Rudy Adolf sees a 'softening' in multiples after a couple of frothy years when CI Financial dominated headlines and big RIA deals
August 13, 2022 at 12:39 AM
Fidelity Investments loses Kathleen Murphy who largely caught up Fido to Schwab (near $4T) on the retail side by reversing net promoter scores
The 'no whining allowed' leader of the Boston giant's retail business, who oversaw $2 trillion in net new assets, was ready to exit but hung in through a year dominated by COVID-19 challenges
January 23, 2021 at 2:02 AM
Fidelity Institutional looks like a big TAMP after Mike Durbin removes last internal walls between products and advisors after 'meteoric' 2019 leap; two Fido RIA sales legends depart amid the shift
Rich Policastro and Tom Valverde are out after Fidelity Custody & Clearing assets leap to $2.6 trillion AUA, restructuring gets the credit -- and so restructuring gets extended.
March 13, 2020 at 10:36 PM
Focus Financial makes 'abrupt' CEO call, lets Rudy Adolf go into 'retirement,' with 'no solution in place;' the eighth RIA chief executive unseated since June as VCs move in -- where is the EBITDA?
Clayton, Dubilier & Rice closed on its $7-billion purchase of the roll-up on Aug. 31 -- with no hint that its parting of the ways with legendary 60-year-old founder was in the offing.
October 24, 2023 at 1:19 AM
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Focus Financial Partners, LLC
Top Executive: Rudy Adolf