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Focus Financial Partners, a platform for independent, fiduciary wealth management firms, announced that Icon Wealth Partners, a registered investment adviser headquartered in Houston, Texas, has agreed to join its platform.

Founded in 2017, Icon Wealth Partners is a boutique firm with almost $2 billion in assets under management offering advice to nearly 3,000 high net worth families, business owners, corporate executives, law firms and foundations around the country. In addition to providing investment advice and management as well as financial planning services, the firm also focuses on business strategy, exit planning and tax and estate strategies.

Icon founder and Managing Partner Blake Pratz said he was impressed with Focus’ track record and found their platform was well suited to his clients’ needs, while allowing his firm to retain independence.

“Focus’ industry-leading M&A capabilities and deep industry expertise were important factors in our decision to become a Focus partner firm,” Icon Managing Partner James Pavlik said in a statement. “We believe having a committed, strategic partner in Focus will also enable us to continue to attract and retain high quality, like-minded financial advisors.”

“As we look to grow our presence in Texas and the surrounding area, we are delighted to be able to draw on and leverage the proven management team at Icon Wealth Partners,” said Focus CEO and Chairman Rudy Adolf.

The transaction is expected to close in the third quarter of 2022, subject to customary closing conditions.

A publicly traded RIA aggregator, Focus Financial Partners closed 38 deals last year and has shown little sign of slowing down. The firm posted first quarter revenue of $536.6 million in 2022, a 36% year-over-year increase that exceeded expectations in spite of market turmoil and geopolitical uncertainties.

In December, Adolf articulated some ambitious growth goals, saying he expects to grow to 125 partner firms, $4 billion in revenue, $1.1 billion in EBITDA and 28% margins by 2025.

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