Focus Financial’s New Architect: Birenbaum to Helm Next Growth Phase

ST. LOUIS, MO – December 12, 2025 – In a move that signals both deliberate succession and a strategic acceleration, Focus Financial Partners has announced that Adam Birenbaum will assume the role of Chief Executive Officer, effective February 1, 2026. The transition, which will see current CEO Michael Nathanson move to the position of Chairman, is far more than a simple changing of the guard. It is a calculated growth signal, marking the next chapter in the firm’s evolution from a decentralized holding company into a more integrated wealth management powerhouse, a transformation that has been rapidly gaining momentum since its $7 billion take-private acquisition by Clayton, Dubilier & Rice (CD&R) in 2023.

The long runway for the transition underscores the stability of the plan, designed by Nathanson himself in concert with the board. For investors and industry analysts, however, the real story lies in the choice of successor. Birenbaum is not just an internal promotion; he is a proven architect of exponential growth, and his ascent to the top job is the clearest indicator yet of where Focus, with its more than $520 billion in collective client assets, is headed.

The Architect of Growth Takes the Helm

To understand the future of Focus Financial Partners, one must examine Adam Birenbaum’s past. His track record is a case study in scaling a registered investment advisor (RIA) from a local player into a national force. Taking leadership of St. Louis-based Buckingham Strategic Wealth at just 31, he inherited a firm with less than $1 billion in assets. Over the next decade and a half, he engineered its meteoric rise to nearly $75 billion, executing over 40 M&A deals and establishing Buckingham as one of the most prominent RIAs in the industry.

This history of aggressive, yet strategic, expansion earned him numerous accolades, including being named “The Most Influential Figure in the RIA Industry” by RIABiz. His leadership philosophy, centered on a three-pronged approach of organic growth, M&A, and enhanced service capabilities, is precisely the playbook that Focus now seems poised to run on a massive scale. His appointment is not a bet on potential; it is a mandate to replicate his success across the entire Focus network.

His role has been expanding in preparation for this moment. Since April 2025, Birenbaum has served as President of Focus, and perhaps more tellingly, as the CEO of the newly formed Focus Partners Wealth. This entity was created by merging his own Buckingham Strategic Wealth with another mega-RIA, The Colony Group, placing $115 billion of the firm's assets directly under his command. This consolidation was a pilot program for the firm's new integrated strategy, and its success has evidently cleared the path for Birenbaum to apply these principles across the entire partnership.

A Strategic Shift from Holding Company to Integrated Powerhouse

The leadership change is the most visible manifestation of a profound strategic pivot occurring behind the scenes. For years, Focus operated as a partnership of largely autonomous RIAs, a holding company that provided capital and back-office support but prized the independence of its partner firms. The 2023 acquisition by CD&R, however, signaled the end of that era. Private equity ownership brought a new imperative: unlock value through synergy, scale, and operational integration.

Under Nathanson’s leadership, and with CD&R’s backing, the firm began its journey toward “convergence and coherence.” The strategy involved breaking down internal silos and consolidating partner firms into larger, more powerful wealth hubs. The creation of Focus Partners Wealth under Birenbaum was the blueprint. This shift moves Focus away from being a loose federation and toward becoming a unified fiduciary advice company, capable of leveraging its immense scale to deliver a level of service, specialization, and technology that smaller, independent firms struggle to match.

This “private equity rewrite” is a direct response to the intense consolidation sweeping the wealth management industry. As mega-RIAs and private equity-backed platforms grow larger, scale becomes a critical competitive advantage. By naming a proven consolidator and growth expert as its next CEO, Focus is signaling its intention not just to participate in this trend, but to lead it.

Continuity and Coherence: The Handover

While the strategic direction is one of change, the transition itself has been engineered for maximum stability. Michael Nathanson, who will become Chairman, has been the primary driver of the firm’s recent evolution. His move to the chairman role ensures his strategic vision and institutional knowledge are retained, providing critical continuity for the firm’s extensive network of partners.

In the official announcement, Dan Glaser, Executive Chairman of Focus and an Operating Partner at CD&R, praised Nathanson’s leadership for laying “the foundation for our long-term strategic direction.” Nathanson himself endorsed his successor, stating that Birenbaum is “uniquely positioned to lead the organization through the next phase of its growth.”

This carefully orchestrated handover is a signal of strength and alignment. It avoids the disruption that often accompanies leadership changes, especially in the wake of a private equity buyout. Instead, it presents a unified front, suggesting that the board, the outgoing CEO, and the incoming leader are all fully committed to the same strategic path. For the more than 60 partner firms within the Focus network, this message of stable, planned evolution is crucial.

Implications for the Path Forward

Under Birenbaum’s leadership, the key strategic priority will be fostering “continued collaboration and consolidation across the Focus partnership.” This likely means an acceleration of the hub-and-spoke strategy, with more partner firms being integrated into larger entities to gain efficiencies and enhance capabilities. For partner firms, this may involve a trade-off, exchanging a degree of historical autonomy for access to greater resources, technology, and inorganic growth opportunities amplified by the parent company's expertise.

The goal is to create a more cohesive organization that can present a unified, best-in-class offering to clients. As the wealth management landscape becomes more competitive, the ability to deliver sophisticated, specialized advice at scale is paramount. Birenbaum's ascent is a clear statement that Focus intends to build an platform where the collective power of the partnership is greater than the sum of its individual parts, cementing its position as a dominant force in the industry for years to come.