New board members add board members with RIA-industry, branding expertise. Independent RIA aggregator Focus Financial Partners has added a couple of heavy hitters to its board of directors: Deborah Doyle McWhinney, formerly president of Schwab's RIA custody division Schwab Institutional, and Bill Campbell, president of "angel" investment firm Sanoch Management and, on a part-time basis, a senior advisor with JPMorgan Chase.

McWhinney left Schwab Institutional, a business she joined in 2001 from Visa, last year.

Campbell is a former chairman of Chase Card Services and, prior to Bank One's 2004 merger with Chase, of Bank One Card Services. Earlier in his career he was chairman of Visa International, head of Citigroup's global consumer business, and, culminating nearly three decades in the tobacco business, CEO of Philip Morris USA.

Challenges and opportunities

"Our new board members will help Focus set a new standard in 2008 for the independent wealth-management industry," says Focus' CEO Ruediger Adolf. "Bill's experience in identifying consumer trends, building strong brands, and leading IPOs, along with Debby's deep industry expertise and close relationships with leading RIA firms, match perfectly with the challenges and opportunities we face as we continue our campaign to become the global leader in independent wealth management."

Adds Adolf: "The response to Focus from independent advisors continues to be tremendous; in fact, our rapid growth demands that we move forward with a strong Board."

Independent RIAs manage about $1.4 trillion, and the space is expected to see a compound yearly growth rate of through 2012, according to industry estimates.

New York-based Focus targets high-growth wealth-management firms with at least $350 million in client assets whose owners want the benefits of independence along with the scale of a large national network. It generally acquires between 40% and 60% in its affiliates, which get a combination of cash and equity in the holding company.

Focus affiliates get help with marketing, compliance, human resources, and, where and when necessary, succession and sub-acquisition planning and financing. For the most part affiliates chart their own courses when it comes to investment products, execution and custody -- though where economies of scale can be brought to bear, Focus (whose staff of 11 is dwarfed by its affiliates' combined workforce of well over 600) says it's ready to negotiate with vendors on its partners' behalf.

Focus started on the acquisition trail two years ago with $35-billion investment from the Boston-based venture-capital firm Summit Partners. Its 14 affiliates manage around $27 billion for approximately 18,000 clients. -FWR

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