This is Focus’ second transaction in Australia within 12 months.
A statement from Focus, says it has entered into a definitive agreement for MEDIQ to join the Focus partnership.
“The addition of MEDIQ reflects continued momentum in the expansion of Focus’ international footprint. The transaction is expected to close in the second quarter of 2020, subject to regulatory approval and other customary closing conditions,” the wealth management company says.
The statement describes Focus as “a leading partnership of fiduciary wealth management firms”.
The Focus announcement says MEDIQ was founded by Ravi Agarwal in 2010. Coming from a family of medical practitioners, he “used his expertise to create a unique service offering that addresses the complex needs of medical professionals and their families.
“MEDIQ employs a full-service model that delivers .. advice via a team-based, holistic approach to financial management. The firm offers tax, accounting, financial planning, insurance, investment management, legal and medical practice advisory to clients across Australia.”
It states that MEDIQ has built a leading reputation, not only in the Australian medical community but across the country’s wealth management sector.
“MEDIQ has received industry recognition for its unique value proposition, quality of advice and service delivery. It has been the recipient of numerous industry awards, including the 2018 Barron’s Top 50 Advisors list, the 2017 AFA Practice of the Year and numerous IFA Excellence Awards,” the statement says.
“At MEDIQ, we strive to offer our clients with the best possible financial advice that we can provide,” said Agarwal in the announcement. “To achieve this goal, we have built a collaborative team of specialists who deliver an integrated service offering.
“Focus has impressed us with the calibre of its team and partners, and its successful track record in helping wealth management firms accelerate their growth through access to value-added resources, best practices and capital. We look forward to leveraging Focus’ scale and expertise as we continue our journey of growth and strengthening our client relationships.”
Rajini Kodialam, Co-Founder and Chief Operating Officer of Focus, says in the statement that Australia is one of the international markets the company is most focused on “given the secular trends shaping its wealth management industry”.
“The Focus model celebrates the boutique nature of our partner firms while providing access to growth capital, succession planning and value-added resources. We believe Focus is uniquely positioned to meet the needs of Australian wealth managers.
“This is our second transaction in Australia within twelve months. It highlights our continued commitment to the country, while supporting our partners’ growth and enhancing their client value proposition through Focus business and client solutions,” he says.