Founders Financial Network and Buckingham Asset Management - both Focus Financial partner firms - have entered into an agreement in which the former will merge into the latter, creating a $17 billion RIA powerhouse in St Louis, MO. The terms of the transaction were not disclosed.

Buckingham is comprised of Buckingham Asset Management and BAM Advisor Services and joined the Focus network in February 2007. The firm delivers fee-only wealth management to high net worth individuals, businesses, trusts, non-profits and retirement plans.

Led by managing principal, Bob Kresek, Founders is based in the San Francisco Bay Area and was one of the founding partners of Focus, having joined at its launch in January 2006. The firm provides financial planning and wealth management expertise to HNW individuals, executives, venture capitalists and families in the Silicon Valley area. It serves families with between $10 million and $100 million in investable assets.

The two firms’ combined client assets under management or administration come to almost $17 billion. "This merger agreement provides even more catered and robust services to Buckingham’s West Coast clientele and allows Founders to gain additional capabilities and resources through the Buckingham platform," Focus said in a statement. 

As part of the merger, Kresek will join Buckingham’s executive management team and remain in the Silicon Valley area, alongside other Founders partners. Founders will continue to be led by Kresek, along with Bob Campbell, Edward Cho, Jovita Honor and Dan Taylor. It will also keep its offices in Cupertino, Burlingame, Palo Alto and San Francisco, but will adopt Buckingham’s name.

“Founders’ strong reputation and outsized capabilities in Silicon Valley will greatly enhance Buckingham’s offerings and geographical reach for current and prospective clients,” said Adam Birenbaum, chief executive of Buckingham.

Buckingham also merged with Santa Rosa, CA-based Wealth Management Consultants in October 2010. “Finally, we believe these California transactions will be extremely advantageous to our BAM business over the coming years, enhancing the support we can provide to the growing base of West Coast firms with whom we partner,” he said.

At the end of May, The Colony Group, a Focus Financial partner, merged with Mintz Levin Financial Advisors - a deal which saw Focus’s assets swell to over $50 billion.

Focus Financial Partners was established in 2006 and employs 750 staff, including 100 partners. With over $51 billion in assets, it provides wealth management, benefit and investment consulting services to individuals, families, employers and institutions.