NEW YORK, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”), a leading partnership of independent, fiduciary wealth management firms, announced today that it has entered into a definitive agreement under which Alliance Benefit Group of Michigan, Inc. (“ABG of Michigan”), a premier retirement and benefits plan consulting and administration firm, will join Focus partner firm Sentinel Benefits & Financial Group (“Sentinel”), based in Wakefield, Massachusetts. The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions.
Founded in 1969 and located in Bingham Farms, Michigan, ABG of Michigan works with almost 400 benefits and retirement plans representing over 30,000 participants, and provides best-in-class administration and record-keeping services. ABG of Michigan’s wholly-owned subsidiary, ABG Portfolio Strategies, Inc., provides investment advisory services primarily for retirement plan assets. ABG of Michigan, will expand Sentinel’s geographical reach, creating a premier “super-regional” retirement and benefits-focused financial services firm, and will position Sentinel’s business for further growth in the Midwest.
“We are thrilled to have such a well-respected firm join our team,” said Sam Mitchell, CEO of Sentinel. “ABG of Michigan has created an offering that will further enhance the ability of the combined firm to service clients, as well as increasing our bench strength and scale in the Midwest.”
“Having known the group at Sentinel for many years through the Alliance Benefits Group national network, we have seen first-hand Sentinel’s exceptional client commitment and ability to continuously improve the quality of their offerings,” said Lawrence Raymond, President of ABG of Michigan. “Sentinel’s approach to creating successful client outcomes mirrors the core principles of ABG of Michigan and will strengthen the combined firms’ business,” said Carol Tracey, ABG of Michigan’s Executive Vice President.
“We are very pleased that ABG of Michigan will be joining Sentinel,” said Rudy Adolf, Founder, CEO and Chairman of Focus. “This is Sentinel’s fifth merger since joining Focus, further enhancing the depth and scale of its employee benefits and retirement plan outsourcing business. Building on Sentinel’s long-standing presence in these areas demonstrates the value that we offer our firms in helping them scale their businesses within their specific areas of expertise. The diversity of our partner firms’ capabilities across a range of wealth management and retirement planning services provides significant benefits to our partnership.”
About Focus Financial Partners Inc.
Focus Financial Partners Inc. (NASDAQ: FOCS) (“Focus”) is a leading partnership of independent, fiduciary wealth management firms. Focus provides access to best practices, resources, and continuity planning for its partner firms who serve individuals, families, employers and institutions with comprehensive wealth management services. Focus partner firms maintain their operational independence, while they benefit from the synergies, scale, economics and best practices offered by Focus to achieve their business objectives. For more information about Focus, please visit www.focusfinancialpartners.com.
About Sentinel Benefits & Financial Group
Sentinel Benefits & Financial Group (“Sentinel”) is an independent provider of employee benefits and financial services located in Wakefield, Massachusetts. Sentinel serves both individuals and institutions, providing offerings including employee benefits and retirement plan administration, open architecture retirement plan recordkeeping, investment advisory services, defined benefit and cash balance plan services, actuarial consulting, employee stock ownership plans, and group benefits brokerage. For more information about Sentinel, please visit https://www.sentinelgroup.com.
Cautionary Note Concerning Forward-Looking Statements
This release contains certain forward-looking statements that reflect Focus' current views with respect to certain current and future events. These forward-looking statements are and will be, subject to many risks, uncertainties and factors relating to Focus' operations and business environment which may cause future events to be materially different from these forward-looking statements or anything implied therein. Any forward-looking statements in this release are based upon information available to Focus on the date of this release. Focus does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could affect Focus may be found in Focus' filings with the Securities and Exchange Commission.
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Source: Focus Financial Partners Inc.