F2 Strategy Acquires Oakbrook Solutions, Receives Investment From Renovus Capital
Summary
Wealthtech consulting company F2 Strategy announced Tuesday the acquisition of fellow consulting provider Oakbrook Solutions and a majority investment from private equity firm Renovus Capital.F2 Strategy was founded in October 2017 in San Francisco by Doug and Liz Fritz, two former wealth management executives from major banks.Doug Fritz has 20 years of experience as senior vice president and chief technology officer at the private banking arms of Wells Fargo and First Republic. He has also served as a judge for the annual WealthManagement.com Industry Awards.Liz Fritz is F2s chief commercial officer and led marketing for the high-net-worth and ultra-high-net-worth segments at Bank of the West Wealth Management, Wells Fargo Abbot Downing and Ascent Private Capital Management of U.S. Bank.F2 advises on tech strategy, provides subject matter experts and conducts research and has developed an international professional network. It also launched an outsourced chief technology officer service in April 2020.Winston-Salem, N.C.based Oakbrook Solutions, a consultant to wealth managers on systems, process and delivery, was founded in 2000. The firm has a staff of 75 and boasts clients including banks, trust companies, RIAs, family offices, retirement plan providers and custodians.Doug Fritz, who will lead the combined team of 100 employees, said conversations between the two companies began over a year ago.Craig Cook, CEO at Oakbrook Solutions, will be joining the F2 Strategy board.He needed some of what we had, and we needed some of what he brought to the table, both from a market perspective as well as expertise, said Cook.With this acquisition, national consultancies now constitute F2 Strategys main competition in the market, said Doug Fritz.We say competition, but we also partner with them in some cases, he said. We can field a far better team at a far better rate for better outcomes.The combined firm now has a client base representing more than $2.5 trillion in assets under management.