This Week in Wealth What’s next for the original RIA aggregator?
May 1, 2026
Sam Bojarski, senior reporter at CityWire RAA who covers RIA investors and capital raises. He breaks down Merchant Investment Management’s fresh fundraising and its move toward bigger or majority stakes. They also tackle Focus Financial’s leadership transition and scale-up plans. Plus a surprising shout-out to Rulla Pontarelli’s newfound reality TV spotlight.
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Focus Shift From Roll Up To Operational Scale
- Focus Financial moved from serial aggregation to building centralized hubs to capture economies of scale.
- Michael Nathanson led consolidation; Adam Birenbaum's CEO role signals a shift from roll-up to operational scaling across the network.
Operator CEO To Drive Unified Client Experience
- Adam Birenbaum is positioned as an operator-style CEO to drive efficiency and a unified client experience.
- The plan emphasizes shared services, new investment propositions, and bringing high-end family-office capabilities across the network.
Fewer Bigger Acquisitions Instead Of Many Small Deals
- Focus will pursue fewer but larger external acquisitions rather than many small deals.
- Expect selective participation in large bank processes and targeted acquisitions like Churchill Management Group (~$10bn).