California-based wealth manager Loring Ward has agreed to merge with Missouri-based BAM Advisor Services, a unit of the Buckingham Family of Financial Services that in turn is a partner firm of Focus Financial Partners.

The combination will add around $17bn in assets to Buckingham Family’s books. The merged entity will tend to more than 300 RIAs as well as thousands of financial advisers in the US.

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The deal consideration includes $117.5m in cash payment and $117.5m in Focus stock.

The transaction also includes the provision of additional contingent consideration, subject to revenue growth over two successive three-year terms after deal completion.

The cash portion of the deal will be financed using existing liquidity as well as borrowings under the revolving credit facility of Focus.

Buckingham Family CEO Adam Birenbaum said: “Our organisations share the same commitment to doing the right things for clients at all times and have each worked hard to create a value-based culture where associates thrive and clients are well cared for. Helping more people is a very serious commitment and goal we both share.”

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Focus expects the deal to be accretive to its shareholders. The company also anticipates cost synergies through the merger, which is expected to be wrapped up by the end of this year.

Focus chairman and CEO Rudy Adolf said: “This merger is one of the largest transactions in the history of Focus and is a consummate example of the type of firms we seek to attract and the value we add to our partner firms in the execution of their growth strategies.

“This merger will create a true leader in the wealth management solutions space — creating a scale player serving over 300 registered investment advisers combined.”