Founder of StrategicPoint Speaks Out Over Company Dispute

Founder of StrategicPoint Speaks Out Over Company Dispute

The founder of StrategicPoint Investment Advisors, LLC spoke out about a dispute between the company he started and an owner of the company, Focus Financial Partners, LLC, in a weekend e-mail to his clients.

Earlier this month, GoLocalProv reported that StrategicPoint founder and president, David Brochu was no longer with the company and had sued the roll-up firm that owned it, accusing it of not giving him access to the books and other records.

StrategicPoint, which is affiliated with Progressive Financial Strategies, managed assets worth about $550 million as of the end of last year, while Focus Financial, the roll-up firm that owns StrategicPoint, had oversight of $31 billion worth of assets.

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In his e-mail, Brochu said he had dropped the suit against Focus Financial in the Delaware Chancellery Court, after being provided with “98 percent” of the information he had requested—and after he spent $350,000 in legal fees.

But two days after he got the documents, Brochu said he and the company had another unspecified dispute that landed them back in court.

“We, Progressive Financial Strategies and our lawyers petitioned the court for a ‘declaratory judgment’ confirming my rights under the agreements,” Brochu wrote. “Focus petitioned for the oft quoted restraining order. Neither of us got what we wanted.”

Instead, he said the court froze the accounts involved and instructed both parties to reconvene three days later, on a Monday. Brochu said he complied but he claims Focus did not.

“Focus choose instead to wait until the court closed, and then, with the complicity of senior management at StrategicPoint, they locked me out!” Brochu wrote.

”They changed the office codes. Took away my electronic access. Locked my office and refused to allow me to collect my things. I was banned from the company I had started twenty one years ago simply because Focus wanted it, and management complied.”

Brochu concludes the e-mail by pleading with his clients to demand that he be reinstated as a consultant to “smooth” the transition process.  

In a previous interview, a company spokeswoman confirmed Brochu was no longer with StrategicPoint, but she declined to elaborate, other than to say “attorneys were still involved.” In an e-mail message to GoLocalProv last night, Brochu also declined to comment further.