US group continues practice buying spree

In a statement, US-listed Focus Financial Partners said its wealth subsidiary Connectus Wealth Advisers had entered into a “definitive agreement” with NSW firm, the George Ferizis Group.

The George Ferizis Group was a “comprehensive wealth management and accounting firm” located in Western Sydney and encompassing investment management, financial planning, lending and accounting advice, Focus said.

“Connectus is an ideal strategic partner that will enable us to maintain our boutique, high-touch approach with clients while locking in long-term continuity and succession planning for the business,” the practice’s founder and director George Ferizis said.

“Joining such a highly collaborative consortium is an exciting new phase for our firm. We look forward to leveraging Connectus’ value-added resources to drive growth and achieve enhanced outcomes for our clients.”

Focus co-founder and chief operating officer Rajini Kodialam said the George Ferizis Group would make a strong addition to the Connectus advice network.

“As the fifth firm to join Connectus since it entered the Australian market late last year, and Connectus’ eighth firm globally, Ferizis is highly respected for its specialized expertise and has a strong track record of growth and exceptional client service,” Ms Kodialam said. 

“It will offer Connectus meaningful depth in its tax and accounting capabilities, while expanding its presence in the Sydney metropolitan area.”

The purchase marks Connectus’ fourth purchase in the Australian advice market in six months, with the group picking up Sydney-based wealth management and accounting practice Brady & Associates, Victorian advice firm Link and Brisbane boutique practice Westwood in December.

The transaction was due to complete in the third quarter of 2021, the group said.