Bernardsville-based FLX Networks, which revolutionizes engagement for asset and wealth management firms and financial advisers, signed a letter of intent to acquire Focus Partners, a nationally recognized practice management firm.
Focus Partners’ capabilities are an industry-leading solution and a proven partner to many of the largest and fastest-growing adviser teams.
“As a compound company, this acquisition represents a natural vertical integration of an existing partner on the FLX Solutions Exchange. Additionally, it provides a valuable and scalable resource to the wealth management firms and their financial advisers joining FLX Networks,” Brian Moran, FLX founder and CEO, said.
“We couldn’t be more excited to join FLX Networks,” Michael Silver and Eric Sheikowitz, co-founders of Focus Partners, said. “Practice management, coaching and value-added content have never been more important in our industry than they are today. With the power of FLX Networks, we will be able to bring industry-leading solutions to a much broader audience and user base.”
“We see demand and utilization growing further, with engagements at enterprise, branch and team levels,” Mark Spina, FLX president and chief revenue officer, said. “Focus Partners has proven themselves one of the best in the business. We are pleased to add this to our solution set for our members in traditional live settings and more modernized on-demand offerings. Overall, Focus Partners will advance FLX’s position as a modern network of investment and business solutions.”
Focus Partners will retain its company name in the near term, with plans to transition to “FLX Networks” by the end of 2023. The division will be led by Sheikowitz and Silver.