Wealthtech consulting firm F2 Technique introduced Tuesday the acquisition of fellow consulting supplier Oakbrook Options and a majority funding from non-public fairness agency Renovus Capital.
F2 Technique was based in October 2017 in San Francisco by Doug and Liz Fritz, two former wealth administration executives from main banks.
Doug Fritz has 20 years of expertise as senior vice chairman and chief expertise officer on the non-public banking arms of Wells Fargo and First Republic. He has additionally served as a decide for the annual Trade WealthManagement.com Awards.
Liz Fritz is F2’s chief industrial officer and led advertising for the high-net-worth and ultra-high-net-worth segments at Financial institution of the West Wealth Administration, Wells Fargo Abbot Downing and Ascent Personal Capital Administration of the U.S. Financial institution.
F2 advises on tech technique, supplies subject material specialists and conducts analysis and has developed a world skilled community. It additionally launched an outsourced chief expertise officer service in April 2020.
Winston-Salem, N.C.-based Oakbrook Options, a advisor to wealth managers on techniques, course of and supply, was based in 2000. The agency has a employees of 75 and boasts purchasers together with banks, belief firms, RIAs, household places of work, retirement plan suppliers and custodians.
Doug Fritz, who will lead the mixed crew of 100 workers, stated conversations between the 2 firms started over a 12 months in the past.
Craig Prepare dinner, CEO at Oakbrook Options, will probably be becoming a member of the F2 Technique board.
“He wanted a few of what we had, and we would have liked a few of what he dropped at the desk, each from a market perspective in addition to experience,” stated Prepare dinner.
With this acquisition, nationwide consultancies now represent F2 Technique’s essential competitors available in the market, stated Doug Fritz.
“We are saying ‘competitors,’ however we additionally companion with them in some circumstances,” he stated. “So, it’s much less aggressive than everyone most likely imagines it’s.”
Nonetheless, Doug Fritz stated another competing corporations will probably be bringing in generalists, whereas the newly-combined F2 Technique crew will probably be centered on the wealth administration business particularly.
“The idea is, ‘How completely different might wealth be from funds and card processing expertise?’ and the truth that they don’t know it is tremendously completely different is our aggressive leverage. That’s why we win,” he stated. “We’re all simply wealth administration specialists. That’s all we do. We will area a much better crew at a much better fee for higher outcomes.”
The mixed agency now has a shopper base representing greater than $2.5 trillion in belongings underneath administration. Doug Fritz stated their predominant focus going ahead will probably be to work with corporations with greater than a billion in belongings. Even with the mixed corporations, he stated they solely penetrate about 20 % of that market.
“So, there’s a bunch of corporations we haven’t had an opportunity to work with but that actually want skilled strategic steerage and a crew to assist them get it carried out,” he stated.
Broadhaven served because the unique monetary advisor to F2 Technique. Phrases of the transaction weren’t disclosed, an organization spokesperson confirmed.
