U.S.-based Focus Financial acquires Cardinal Point

New York-based wealth manager Focus Financial Partners Inc. is acquiring cross-border wealth advisory firm Cardinal Point, the firm announced Thursday.

Cardinal Point is the brand name for Cardinal Point Capital Management Inc., a registered portfolio manager in Canada and a U.S. registered investment advisor (RIA), and Cardinal Point Wealth Management, LLC, a U.S. RIA.

Founded in 2009, Cardinal Point provides investment and estate, tax and financial planning services to wealthy individuals and families in Canada and the U.S. It has offices in Toronto, Calgary, Phoenix, Palm Beach, Fla., and Orange County, Calif.

Focus Financial offers partner RIAs access to shared services that benefit from Focus’s size and scale while providing the RIAs operational independence.

“Cardinal Point is a clear leader in cross-border wealth management, adding a unique expertise to our partnership as we continue building a portfolio of firms that are highly complementary,” said Rudy Adolf, founder, CEO and chairman of Focus in a release.

Said Jeff Sheldon, founder and CEO of Cardinal Point: “This transaction [with Focus] will allow us to preserve our firm’s entrepreneurial spirit which was extremely important to us. It will also provide us with access to client and business solutions that will enhance our current capabilities.”

The deal is expected to close in the fourth quarter of 2021, subject to regulatory approval and customary closing conditions. Terms of the transaction were not released.

Rudy Mezzetta

Rudy is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on tax, estate planning, industry news and more since 2005. Reach him at rudy@newcom.ca.