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 vp and chief expertise officer on the non-public banking arms of Wells Fargo and First Republic. He has additionally served as a choose for the annual Trade WealthManagement.com Awards. 

Liz Fritz is F2’s chief industrial officer and led advertising and marketing 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, offers 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 marketing consultant to wealth managers on methods, course of and supply, was based in 2000. The agency has a workers of 75 and boasts shoppers together with banks, belief corporations, RIAs, household workplaces, retirement plan suppliers and custodians.

Doug Fritz, who will lead the mixed group of 100 staff, stated conversations between the 2 corporations started over a 12 months in the past.

Craig Prepare dinner, CEO at Oakbrook Options, might 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 delivered to the desk, each from a market perspective in addition to experience,” stated Prepare dinner.

With this acquisition, nationwide consultancies now represent F2 Technique’s fundamental competitors out there, 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 in all probability imagines it’s.”

Nonetheless, Doug Fritz stated some other competing corporations will possible be bringing in generalists, whereas the newly-combined F2 Technique group might be targeted on the wealth administration trade particularly.

“The idea is, ‘How completely different may 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 discipline a much better group at a much better charge for higher outcomes.”

The mixed agency now has a consumer base representing greater than $2.5 trillion in belongings underneath administration. Doug Fritz stated their predominant focus going ahead might 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 steering and a group to assist them get it accomplished,” he stated.

Broadhaven served because the unique monetary advisor to F2 Technique. Phrases of the transaction weren’t disclosed, an organization spokesperson confirmed.