Focus Financial boosts UHNW reach, adds a $2.7B multifamily office

Focus Financial, one of the industry's biggest RIA aggregators, has added a large multifamily office to its growing stable of partners.

Lake Street Advisors, a Boston-based advisory firm with $2.7 billion in assets under management, becomes Focus’s sixth partner firm in Massachusetts. The transaction is New York-based Focus’ third acquisition this year. In January, Focus picked up Crestwood Advisors, a Boston-based advisory firm with $1.3 billion in AUM. In February, Focus added CFO4Life based in Coppell, Texas.

Lake Street targets ultrahigh-net-worth families in New England and currently manages 1,554 accounts, according to the firm’s Form ADV.

Focus has 45 partner firms and said in a 2016 press release that it had nearly $400 million in annual revenue. Last summer The Wall Street Journal reported that the company had "confidentially" filed an IPO, but Focus has not yet disclosed any plans for a public stock offering.

By joining Focus, the firm is better positioned for future growth, Lake Street said in a statement. Founded in 2003 by Bob Goyette and Greg Van Slyke, the firm now has 30 team members and an additional office in Portsmouth, New Hampshire.

“Joining the Focus partnership allows us to attain our goal of growing our business for the long-term, better serving the complex needs of our clients and enabling the next generation of leaders at Lake Street,” Goyette said in a statement