New York-headquartered Focus Financial Partners has made Toronto-based Cardinal Point Management its fifth hub, a move that it says will enhance its reach in Canada, a key growth market.

Focus acquired Cardinal Point, which provides cross-border investment, estate, tax and financial planning services to wealthy individuals and families in Canada and the U.S., in 2021. It has offices in both countries.

“Cardinal Point is well positioned to lead Focus’ consolidation and expansion efforts in Canada,” Michael Nathanson, CEO of Focus Financial Partners, said in a release. “Cardinal Point’s next chapter as a hub will enable the firm to extend the reach of its services while also expanding its capabilities for clients across the entirety of Focus, especially given its expertise in cross-border wealth management.”

Canadians are increasingly seeking out firms with fiduciary-based advice and additional services such as tax, cross-border and estate planning, Jeff Sheldon, CEO of Cardinal Point, said in an email.

In 2021, Focus also bought Toronto-based Gavin Hockey Wealth Specialists. Gavin provides financial planning, wealth management, and related services to about 200 active and retired professional hockey players. GMG Private Counsel ULC, part of Gavin, combined with Cardinal Point in May 2024, helping Cardinal Point grow to nearly $2.9 billion of assets under management.

The firm has been on an expansion kick. Last month, it made Los Angeles-based partner firm Gelfand, Rennert & Feldman, LLC, which also serves athletes, its fourth hub.

“NHL players from Canada predominantly play for U.S.-based teams, which creates a host of cross-border tax and financial planning complexities,” Sheldon said. “[Cardinal Point’s] professional athlete division has seen tremendous growth and they have the goal of continued expansion for years to come.”

Focus firms serve individuals and businesses in the entertainment industry, including in music, television and film, as well as athletes, executives, influencers and high net worth and ultra-high net worth people.