Kovitz

What Kovitz does

Kovitz Investment Group Partners is a Chicago-based registered investment advisor founded in 2003 that provides wealth management, investment planning, specialized planning (tax, estate, retirement), and family office services to high-net-worth individuals and families, business owners, institutional investors, and nonprofits. The firm operated as a key subsidiary within the Focus Financial Partners network, growing assets under management from approximately $16 billion prior to 2024 to $50 billion by the end of 2025 through a combination of organic growth and acquisitions, including the October 2024 acquisition of Fort Pitt Capital Group (approximately $5.9 billion in AUM, adding a Pittsburgh, Pennsylvania presence) and the 2018 acquisition of AFAM Capital. At the end of 2025, Kovitz was merged into Focus Partners Wealth — the flagship brand of Focus Financial Partners, which is owned by Clayton, Dubilier & Rice following a 2023 take-private transaction — as part of Focus Financial's strategy to consolidate approximately 40 of its 90 subsidiary practices into larger hub firms.

Kovitz generates revenue through AUM-based advisory fees charged as a percentage of client assets under management, the standard recurring revenue model for registered investment advisors. Specific fee schedules are not publicly disclosed and are individualized based on client asset levels and service scope. Distribution is relationship-based: financial advisors engage clients directly on a one-to-one basis, supplemented by cross-referrals within the Focus Partners Wealth national network and a multi-channel marketing approach including content marketing, events, social media (LinkedIn, Facebook, X), and earned media (including the No. 3 ranking on USA TODAY's 2026 Best Financial Advisory Firms List). In addition to direct advisory mandates, Kovitz manages a publicly traded product — the Kovitz Core Equity ETF (EQTY) listed on NYSE Arca with a $1.27 billion market cap — extending the firm's investment capabilities into the broader ETF distribution channel.

Post-merger, Kovitz no longer operates as a standalone reporting entity; its operations, advisor base, and client relationships have been absorbed into the Focus Partners Wealth platform, providing clients access to an expanded national network of specialized professionals and a broader service catalogue including CFO services, business management, tax services, retirement plan solutions, and institutional services. Leadership includes founder and CEO Mitch Kovitz, CFO Carolyn Raden, and principal Jonathan A. Shapiro.

Name

Kovitz

Legal name

Kovitz Investment Group Partners

Website

https://kovitz.com

Company type

Private

Founded year

2003

Operating status

Acquired

Headcount range

51–100 employees

Short description

Kovitz is a Chicago-based registered investment advisor, founded in 2003, that provided wealth management, investment planning, and family office services to high-net-worth individuals, business owners, institutional investors, and nonprofits, and was merged into Focus Partners Wealth at the end of 2025.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA)

akta.pro secondary industries

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC), Family Wealth & Multi-Generational Planning RIAs (HNW/UHNW-lite) (FSAAACAH), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Financial Planning–Led RIAs (FSAAACAB)

Keywords

• Wealth management services
• Investment advisory
• Financial planning
• Asset management
• Retirement planning

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. AUM-Based Advisory Fees: Kovitz Investment Group Partners generates revenue primarily through assets under management (AUM) based advisory fees, charging clients a percentage of the assets managed on their behalf. This is the standard revenue model for registered investment advisor (RIA) firms, providing recurring fee income that scales with client asset levels. Post-merger, Kovitz became a $50 billion business within the Focus Financial Partners network.

Distribution channels2 records

Marketing channels5 records

Core offering

Kovitz provides personalized wealth management and investment advisory services to high-net-worth individuals, families, business owners, institutions, and nonprofits. Offerings include investment management, comprehensive financial planning, tax and estate planning, family office services, institutional investment solutions, and retirement plan services delivered through a nationwide network of financial advisors operating under a fiduciary standard.

Product overview

Kovitz operates as an investment management firm within the Focus Financial Partners network. The firm offers wealth management services and manages a publicly traded ETF product. Prior to late 2025, Kovitz was a $50 billion business that was subsequently merged into Focus Partners Wealth. The firm has historically acquired other wealth management practices, including Fort Pitt Capital Group with approximately $5.9 billion in assets under management, to expand its investment capabilities and geographic reach.

Differentiator

Problem solved

Functional benefit

Products and services

• Wealth Management Personalized wealth management services built around client goals, values, and priorities, delivered through a dedicated advisor and the Focus Partners nationwide network of specialized professionals. Targeted at high-net-worth individuals, families, business owners, and nonprofits.
• Investment Planning Research-backed investment strategies and personalized portfolio construction designed to align client investments with their broader life objectives. Suitable for individual investors and institutional clients.
• Specialized Planning
• Family Office Services Family office services providing high-net-worth families with coordinated support across wealth management, specialized planning, CFO services, and lifestyle services.
• Institutional Services
• Retirement Plan Solutions for Businesses
• Business Owner Services Financial planning and advisory services tailored to business owners, including exit planning, succession planning, business valuation, and related financial strategy.
• Tax Services
• CFO Services CFO and financial leadership services delivered through the Focus Partners network to support individuals, families, and small organizations with financial management needs.
• Divorce and Dispute Resolution Services Specialized financial advisory services supporting clients navigating divorce and financial disputes, including valuation and settlement planning.
• Business Management Services Operational and financial management services for businesses and high-net-worth individuals, including back-office and administrative support.
• Lifestyle Services Concierge-style curated provider referrals connecting clients with bespoke, highly qualified partners across lifestyle needs, delivered through the Focus Partners Lifestyle Services team.
• Kovitz Core Equity ETF (EQTY) A publicly traded equity exchange-traded fund listed on NYSE Arca that invests in core equity securities, with a market cap of $1.27 billion, PE ratio of 27.78, and short-interest ratio of 2.1 days.

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered flagship and major.

• Focus Partners WealthflagshipStrategic or Co-development Partner · 1 December 2025Kovitz Investment Group Partners was merged into Focus Partners Wealth at the end of 2025, becoming an integral part of the flagship Focus Partners Wealth brand. This merger consolidated Kovitz's $50 billion in assets under management into the larger Focus Partners Wealth platform, combining their respective advisor networks, operational infrastructure, and service capabilities under a unified equity structure.
• Fort Pitt Capital GroupmajorStrategic or Co-development Partner · 1 January 2024Kovitz Investment Group Partners agreed to acquire Fort Pitt Capital Group, a Pittsburgh-based Focus Financial partner firm with $5.9 billion in assets under management. The acquisition, expected to close in late 2024, was part of Focus Financial's strategy to consolidate partner firms into larger hub companies. The leadership and advisors of Fort Pitt were expected to join Kovitz, expanding Kovitz's investment capabilities and geographic reach to include Pennsylvania.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• LPL Financial: Largest independent broker-dealer in the US, supporting RIAs and financial advisors across wealth management. Comparable in scale and target market but operates as an infrastructure/clearing platform rather than a pure RIA consolidator.
• Osaic (formerly Advisor Group): National wealth management platform serving independent advisors through multiple subsidiary broker-dealer and RIA brands. Comparable in scale and advisor-support model to Focus Financial's broader network in which Kovitz sits.
• Cetera Financial Group: Large broker-dealer and RIA support platform serving thousands of independent financial advisors. Overlaps with Kovitz in investment advisory but operates a broader, multi-channel model including broker-dealer and insurance distribution.

Direct peers

• Wealth Enhancement Group: Independent RIA platform built through acquisitions of regional wealth managers, offering investment advisory, retirement planning, and tax services. Directly comparable hub-firm consolidator strategy.
• Hightower Advisors: Chicago-headquartered RIA platform built via a partnership/consolidator model serving HNW individuals and institutions. Highly comparable in business model, AUM scale tier, and growth-via-acquisition strategy.
• Carson Group: Omaha-based RIA and wealth management firm serving HNW clients and financial advisors, with a parallel consolidator-driven growth strategy and broad financial planning services including tax and estate.
• Edelman Financial Engines: Large national RIA providing investment advisory, financial planning, and retirement plan services to HNW individuals. Comparable in service breadth, scale tier, and fiduciary wealth management model.
• Mariner Wealth Advisors: National RIA providing comprehensive wealth advisory, tax, estate, and family office services to HNW clients. Closely mirrors Kovitz's full-service offering and consolidator DNA through acquisitions like Mariner Platform Solutions.
• Focus Partners Wealth: The consolidated wealth management brand within Focus Financial Partners into which Kovitz was merged at the end of 2025. It offers the same comprehensive RIA, financial planning, and family office services to HNW clients through a hub-firm model — making it the most directly comparable peer now that Kovitz is a subsidiary of it.

Emerging players

• Cresset Capital Management: Chicago-based multi-family office and RIA offering HNW wealth advisory, investment management, and family office services. Comparable in HNW focus and comprehensive service scope but smaller in scale than Kovitz.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kovitz