Focus Financial Partners, America’s largest partnership of independent wealth management firms, has announced that Prosper Advisors, an independent RIA, has merged with The Colony Group.
Based in Armonk, NY, with a satellite office in Manhattan, Prosper was established by President and Founder Dina Lee, CPA, PFS, CFP. Following the close of the transaction on October 1, Colony’s client assets stand at more than US$3 billion.
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Established in 2002, Prosper provides wealth and investment management, as well as estate and tax planning services. In the competitive New York market, Prosper has amassed more than 60 high-net-worth families and individual clients over the last decade.
The average client household has approximately US$5 million in investable assets. Both Colony and Prosper have a legacy of serving high-net-worth and ultra-high-net-worth individuals and families.
Michael Nathanson, CEO of The Colony Group, said: "Dina has built a firm that is fully dedicated to providing clients with a first class experience and created a culture that is committed to the creation and preservation of clients’ wealth. This mirrors our 27-year-old service model, which ultimately is why we were able to create this partnership."
With an extensive, three-decade background in the wealth management industry, Ms. Lee was previously a managing director at the U.S. Trust Company and a partner at Ernst & Young.
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By GlobalDataShe also has served as President of the Estate Planning Council of New York City and Vice President and Director of the New York State Society of CPAs.
Dina Lee, president of The Colony family office and managing director NY Metro offices, said: "We found in Colony a rare partner that shares our values and an uncompromised approach to act in our clients’ best interests. It is as much a natural fit for Prosper as it is for our clients. This merger augments our scale and in-house resources, ensuring our clients have access to an even deeper bench of accomplished advisors."
Michael Paley, managing director of Focus, said: "As the industry continues to consolidate, we remain keenly focused on supporting our partners’ strategic growth aspirations. This transaction and Colony’s impressive growth since joining the Focus partnership exemplify the value-added support and resources we bring to all of our partners."
Colony joined Focus in October 2011, and, over the last two years, has grown client assets from approximately US$1.3 billion to more than US$3 billion.
This combination represents Colony’s second successful merger in the last eighteen months. The first – its merger with Mintz Levin Financial Advisors – closed in July 2012.
As part of the firm’s continued expansion, Colony recently announced the appointment of Joseph Salvati to Senior Vice President in charge of the firm’s Florida offices, as well as the hire of Jack Clark as Senior Associate Financial Counselor to work alongside Mr. Salvati in the Naples office.
