BOSTON, Sept. 25, 2019 /PRNewswire/ — The Colony Group, LLC (“Colony”), an independent, national, award-winning wealth management firm, announced an agreement for a strategic transaction with Glass Malek LLP (“Glass Malek”), a full-service multifamily office and business management firm based in Los Angeles, CA. This transaction will expand Colony’s offices and services into California. Colony, which manages approximately $10 billion in regulatory assets for clients, will have 14 offices in seven states with over 200 employees upon the closing of the transaction, which is expected in the fourth quarter of 2019.
“Consistent with our strategic plan, we are delighted to establish a physical presence in California, a market where we already serve clients but also view as a growth opportunity,” said Michael Nathanson, Chairman and CEO of Colony. “This transaction will also enhance Colony’s existing multifamily office and business management offering, a critical client service offering in which we have made a significant investment. In addition to expanding our geographic footprint, this will be our second strategic transaction in two years in this space. We have been especially impressed by the expertise of the Glass Malek team, as well as by the deep relationships they have established in the entertainment industry, and also with entrepreneurs and other successful individuals and families.”
With origins dating back more than 40 years, Glass Malek, through its experienced team of financial professionals, manages the business and financial affairs of musicians, actors, writers, TV personalities, studio executives and influencers, along with athletes and successful entrepreneurs and executives. Recognized as one of Variety Magazine’s Business Managers Elite, the expertise Glass Malek provides to its clients is an essential element of their success.
Founding Partner Paul Glass reflected, “Our team enjoys the work that we do for our clients. When we looked to the future of our business, we believed that Colony was the optimal partner to deliver the services, technology and infrastructure to allow us to best serve our clients for years to come.”
In addition to multifamily office and business management services, including accounting, tax compliance and planning, tour accounting, and royalty/publishing services, the combined firm will offer its comprehensive investment and wealth management and life-enrichment services for clients in and around the Los Angeles area. The combined firm also plans to expand its dispute resolution services, as well as its innovative Her Wealth® initiative to this area. Her Wealth® is an education and enrichment initiative that provides women with the financial confidence and resources they need to manage their wealth.
About The Colony Group, LLC
The Colony Group, LLC (“Colony”) is an independent, fee-only financial advisory firm with locations in Massachusetts, New York, Virginia, Florida, Colorado, and Maryland. With origins dating back to 1986, Colony provides successful individuals and families, institutions, businesses, and non-profit organizations with deep expertise that goes beyond investment and business management and can encompass tax, estate, retirement and philanthropic planning, asset allocation, and cash and risk management.
Colony has received several distinguished financial industry awards and recognitions, including the Trailblazer IMPACT Award® and spots on Barron’s Top 40 RIA List, InvestmentNews’ Women to Watch List, and is ranked in the top 30 RIA firms nationally in Financial Advisor Magazine’s Top RIA list.
Award and Recognition Disclosures:
Colony and its employees are independent of and are not employees or agents of Charles Schwab & Co., Inc. (“Schwab”). Schwab does not prepare, verify or endorse information distributed by The Colony Group. The Trailblazer IMPACT Award™, part of Schwab’s IMPACT Awards® program, is not a referral to, endorsement or recommendation of, or testimonial for the advisor with respect to its investment advisory or other services.
Trailblazer IMPACT Award™ criteria: Firms must use Schwab as a custodian and must have been in business for at least five years, have at least $25 million in assets under management, and be registered with the SEC. Schwab and an industry panel review general business metrics and essays submitted by the firms in making selections for the awards. The Trailblazer IMPACT Award recognizes an independent investment advisory firm for unique efforts to advance the industry, such as serving a new client segment, creating a new business model, offering education to the community, developing new talent, or advocating for the industry.
Barron’s Top 40 RIA criteria: Barron’s ranks independent advisory firms weighing dozens of qualitative and quantitative components, including assets managed, the size and experience of teams, and the regulatory records of the advisors and firms.
InvestmentNews Women to Watch criteria: Demonstrated success and leadership in the financial advisory industry; proven ability or power to effect change in the industry; exhibited willingness to share her expertise with others in the field, including by serving as a mentor or role model to other female professionals in the industry and speaking at industry events; and has given back to her community through activities such as sitting on boards, volunteering and donating time to help investors. Nina Mitchell, a Senior Wealth Advisor at The Colony Group, was included on the list in 2018.
Financial Advisor criteria: Assets under management. Must have at least $50 million in AUM. The Financial Advisor lists included The Colony Group for 2008 to 2019.
Variety Business Managers Elite criteria: Variety profiles business managers who work with individuals in the entertainment industry. The profiles are based on information submitted by the business managers, including information the manager chooses to share regarding its clients and the background of the manager’s employees (name, title, number of years in the business, etc.). Glass Malek was featured on the lists in 2017 and 2018.
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SOURCE The Colony Group