Fri, 01/08/2014 - 12:08
Dan Sontag, president of Merrill Lynch’s global wealth management unit, has appointed to the board of directors of Focus Financial Partners.
The addition of Sontag brings the total number of directors to seven. Of the seven board members, six are independent and not affiliated with Focus.
“Dan’s track record, vision, and leadership in the wealth management industry speaks for itself,” says Rudy Adolf, founder and CEO of Focus. “His insights from his years on Wall Street working with thousands of financial advisors across the country and around the world will be of great value as we continue to expand the Focus Connections model. I am pleased to welcome him to Focus’ board.”
Focus recently hired Chris Dupuy, also a former Merrill Lynch executive, as president of Focus Connections.
“This is the most exciting time to offer strategic guidance in the wealth management industry, as the industry evolves and independent wealth management firms continue to gain market share,” says Sontag. “My time at Merrill Lynch was spent growing the wealth management business in a manner that would empower advisors to best serve their clients. I see the opportunity Focus is creating for top-performing advisors as one of the most effective ways to do just that. The Focus team brings expertise and sophistication to transitioning teams, and I look forward to contributing to the future direction and growth of the leader player in the independent space.”
The Focus Connections programme provides transition support to teams and individual advisors leaving wirehouses to create their own independent RIA. Since the beginning of 2014, IFM Capital Advisors, Summit Financial and Quadrant Private Wealth left UBS, Wells Fargo, and Merrill Lynch, respectively, with the support of the Connections programme. Focus Connections has also brought wealth management teams from the major wirehouses to existing Focus partner firms through three mergers in the first half of 2014.
Sontag’s most recent role at Merrill Lynch was head of global wealth management, where he oversaw all of Merrill’s wealth management and advisory activities around the globe. Additionally, he had direct oversight of all investment platforms, technology and operations support for the nearly 20,000 advisors in Merrill’s wealth management offices, private bank and international wealth businesses. Sontag joined Merrill Lynch in 1978 as an advisor in the Colorado Springs office.
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