Tax Planning

$ 13 Billion Colony Group Acquires Tax Planning Bureau

The Colony Group, one of Focus Financial Partners’ largest partner firms, acquires a tax planning company in New Jersey.

The $ 13 billion Boston RIA announced Friday that it has acquired Harrison, McCarthy & Co. LLC, a Millburn-based tax planning and preparation firm that works primarily with doctors and medical practices. Harrison, McCarthy & Co. is not an RIA and does not provide any investment management services.

Specific financial terms of the transaction, which is expected to close in the fourth quarter of 2021, have not been disclosed. Colony Group announced that it will provide asset management and investment advisory services to Harrison, McCarthy & Co. clients.

“Harrison’s talented team, McCarthy, will immediately strengthen and expand our tax advisory and preparation skills, which continue to be key elements in delivering holistic wealth management services,” said Michael Nathanson, Chief Executive of Colony (pictured).

The Colony Group, best known by consultants for its inclination towards RIA M&A, has historically been willing to acquire companies that provide services beyond traditional wealth management. In a 2020 profile, Nathanson told Citywire RIA that he partnered with Focus “because it was clear we needed a partner who could help us with transactions”.

In 2019, RIA acquired Glass Malek, a Los Angeles corporate administration firm that provides bookkeeping, tax compliance, royalty and publication fee assistance, and estate planning services to entertainers and other wealthy individuals.

Two years later, Colony added a physical asset management presence in Southern California to complement Glass Malek when it acquired Legacy Wealth Partners, a $ 250 million company based in Calabasas. This transaction was Colony’s last acquisition to date.

‘This is another important strategic merger for Colony. and continues to improve their ability to meet the increasingly complex needs of their customers, ‘said Rudy Adolf, CEO of Focus.

Related Articles