Turning to Independent Wealth Managers

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July 22 (Bloomberg) -- Focus Financial Partners CEO Rudy Adolf discusses why investors are turning to independent wealth managers Deirdre Bolton on Bloomberg Television's "Money Moves." (Source: Bloomberg)

Be well received well, really, our industry is about trust.

There is trust that we do the right thing with their money, and the trust of the traditional brokerage firms and houses really has been broken with many of the scandals and issues but most important by the deep conflict.

What is good for the broker is not good for the client in many, many cases.

We have a legal obligation to do the right thing for our clients.

How hard was the cell -- sell?

There was a lot of bad press, as you said, about the wire houses.

In 2006, an easy or hard sell?

This has been going on for over a decade now.

You are right, it has accelerated, and what we are seeing is the smart money, the larger clients decide to leave the wire houses, and they become one of us.

I know you made an agreement with private equity.

You have an investment there.

What is the nature of the partnership, and what does it mean for your business?

Private equity investors, about $20 billion in funds.

When it made was sophisticated investors on the street, the power of a focused business model, but probably more importantly, they see the industry would support over $200 million.

Moving away from the wire houses toward the independent ones.

What is the next step for you and for the company?

What is the goal?

We started in 2006 with $3 billion, and now we have over $60 billion.

We have 1000 people in this business.

There is no other registered investment adviser group that is even close to this scope and scale that we have.

But in many ways, i think we have only scratched the surface.

We have enormous potential here, and another will invest in us.

As you mentioned, that is, obviously, an impressive amount of business.

Where do you see the role of alternative investment?


Alternatives have to play a role in many portfolios for wealthy and very wealthy clients.

A very good example.

These are typically quite expensive investments.

It is kind of opaque, many of them work.

With the issues.

They have learned the hard way.

When you invest in alternatives, you really want to have somebody on your side.

It really helps you find the right investment.

Doing diligence in a way that helps you.

Not just what is on the shelves.

Not just a bucket, as you say.

Investors always have to pay particular attention korea

This text has been automatically generated. It may not be 100% accurate.


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