Cornerstone Wealth Group, a hybrid registered investment advisory firm with $1.3 billion in client assets and headquartered in Huntersville, North Carolina, has moved from LPL Financial to join the Focus Financial Partners. Fidelity Clearing & Custody Solutions will serve as the firm’s primary custodian.
Cornerstone has a total of eight offices in North Carolina, South Carolina and San Francisco, California.
The firm was founded in 2001 by former Raymond James advisors Brian Needleman, Andy Smith and Jeff Carbone, and later broke away to form Cornerstone Financial Partners where it added its fourth partner, CEO Craig Rubrecht.
Cornerstone currently has more than 15 financial advisors and investment professionals on staff, and includes a retirement plan consulting division, Cornerstone Retire.
“We had been looking for a partner who would help the Cornerstone team elevate our firm to the next level. Focus turned out to be a perfect fit for us because of its ability to provide us superb access to capital, expertise in M&A and value-add growth support,” said Rubrecht.
Focus Financial Partners is a group of independent fiduciary wealth management firms that provide individuals, families, employers and institutions with wealth management, benefits consulting and investment consulting services.