Velarion · Company Intelligence
Compensation Brief
Fiscal year 2021 · Filings through 2026-04-30

Focus Financial Partners (FOCS)

Fiscal year 2021 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$11,911,818
Ruediger Adolf total, FY2021
73rd
CEO pay percentile vs peers
158:1
CEO-to-median pay ratio
77.96%
Say-on-pay support, latest vote
Companies that benchmark against FOCS
No companies currently name FOCS as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2021

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Ruediger Adolf$909,155$0$1,727,213$4,756,265$4,318,000$0$201,185$11,911,818
Chairman and Chief Executive Officer
Rajini Kodialam596,52001,133,2043,342,7052,833,000058,1277,963,556
Chief Operating Officer and Director
James Shanahan534,6170812,7992,414,0642,032,000044,3885,837,868
Chief Financial Officer
J. Russell McGranahan478,3420727,2141,837,3901,818,000042,4294,903,375
General Counsel and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2021 totalFY2020 totalFY2019 totalΔ FY20202021
Ruediger Adolf$11,911,818
Rajini Kodialam7,963,556
James Shanahan5,837,868
J. Russell McGranahan4,903,375

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2021

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Leonard ChangOPTION2021-12-2273,353$1,362,424
Leonard ChangOPTION2021-02-20200,0001,195,547
Ruediger AdolfOPTION2021-12-22139,4102,589,336
Leonard ChangRSU2021-12-2215,535908,798
Ruediger AdolfOPTION2021-02-20362,5002,166,929
J. Russell McGranahanOPTION2021-12-2258,6951,090,173
James ShanahanOPTION2021-12-2265,6051,218,517
Rajini KodialamRSU2021-12-2219,3711,133,204
Rajini KodialamOPTION2021-12-2291,4651,698,828
James ShanahanRSU2021-12-2213,894812,799
James ShanahanOPTION2021-02-20200,0001,195,547
Rajini KodialamOPTION2021-02-20275,0001,643,877
J. Russell McGranahanRSU2021-12-2212,431727,214
Ruediger AdolfRSU2021-12-2229,5251,727,213
J. Russell McGranahanOPTION2021-02-20125,000747,217
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Leonard Chang$908,798$0$2,557,9710.0%
Ruediger Adolf1,727,21304,756,2650.0%
J. Russell McGranahan727,21401,837,3900.0%
James Shanahan812,79902,414,0640.0%
Rajini Kodialam1,133,20403,342,7050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2021

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Ruediger AdolfOption33,75044.71
Ruediger AdolfRSU9,700579,284
Rajini KodialamRSU6,302376,355
Ruediger AdolfOption3866
Rajini KodialamOption9,40116
Rajini KodialamOption487,50033
James ShanahanOption41,62644.71
Rajini KodialamOption48,23928.5
Rajini KodialamOption162,50033
Ruediger AdolfOption153,39427.9
James ShanahanOption58,69558.5
James ShanahanOption540,00033
Ruediger AdolfOption16,51116
Ruediger AdolfOption61,56044.71
Rajini KodialamOption125,00011
Rajini KodialamOption130,00019
James ShanahanOption167,40522
James ShanahanOption70,0009
James ShanahanOption135,75922
Ruediger AdolfOption82,91028.5
James ShanahanRSU12,431742,379
Rajini KodialamOption95,00013
Ruediger AdolfOption120,00011
Rajini KodialamOption90,00011
Ruediger AdolfOption800,00033
Ruediger AdolfOption700,14021
Rajini KodialamOption130,00021
James ShanahanOption386,28421
Rajini KodialamOption434,57021
James ShanahanOption24,2779
James ShanahanRSU13,894829,750
James ShanahanRSU3,790226,339
Ruediger AdolfRSU29,5251,763,233
James ShanahanRSU4,236252,974
Ruediger AdolfOption4211.42
James ShanahanOption90,00019
Ruediger AdolfOption190,50021
Rajini KodialamOption200,00013
James ShanahanOption30,14928.5
James ShanahanOption90,00021
Ruediger AdolfOption1,0817
James ShanahanOption89,70227.9
Ruediger AdolfOption7985.5
James ShanahanOption65,60558.5
Rajini KodialamOption91,46558.5
Ruediger AdolfOption90,00011
James ShanahanOption500,00033
Ruediger AdolfOption46,47058.5
Rajini KodialamOption133,45227.9
James ShanahanOption70,00011
Ruediger AdolfOption157,0009
Rajini KodialamOption96,57021
Ruediger AdolfOption100,00011
Ruediger AdolfOption206,28423
James ShanahanOption80,26027.9
Ruediger AdolfOption100,00023
James ShanahanOption186,42721
James ShanahanOption40,70128.5
Ruediger AdolfOption200,00019
Ruediger AdolfOption92,94058.5
Rajini KodialamOption93,54423
James ShanahanOption37,24444.71
Ruediger AdolfOption50,00027.9
Rajini KodialamOption125,00023
Rajini KodialamRSU19,3711,156,836
Ruediger AdolfOption470,00012
Ruediger AdolfOption195,00013
Rajini KodialamOption61,92744.71
James ShanahanOption87,0009
James ShanahanOption11,73916
05

Incentive-plan design — the Compensation Discussion & Analysis

The objectives of the compensation program for our executives, including our named executive officers, are to attract, motivate and retain talented individuals who are committed to achieving our long-term strategic objectives. Our compensation program is not only designed to align the incentives of our executives with our stockholders interests, but also to promote the achievement of key corporate performance measures as determined by the Compensation Committee each year.

CEO STI target (% of salary)250%
CEO LTI target (% of salary)
Independent consultantSemler Brossy
Clawback policytrue
Anti-hedging
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20222022-05-2655,359,52715,648,9035,47977.96%Passed
20212021-05-2654,575,2769,312,800158,72685.21%Passed
20202020-06-0355,170,3433,794,9202,513,19089.74%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20222022-05-2677.96%a
20212021-05-2685.21%b
20202020-06-0389.74%c

a. Approved under the standard stated in the filing — “Abstentions (shares present at the Annual Meeting and marked "abstain") will count as a vote against this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions (shares present at the Annual Meeting and marked "abstain") will count as a vote against this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions (shares present at the Annual Meeting and marked "abstain") will count as a vote against this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)158 : 1
CEO total compensation$11,911,818
Median employee compensation$75,202
08

Director compensation — fiscal year 2021

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Kristine M. MashinskyIndependent · Audit and Risk · Compensation · Nominating, Governance and Sustainability (Chair)$95,000$68,000$1,748,000$0$0$1,911,000
Joseph Feliciani, JrIndependent · Audit and Risk (Chair)90,00068,000321,00000479,000
Greg S. MorganrothIndependent · Audit and Risk80,00068,000321,00000469,000
Fayez S. MuhtadieIndependent · Lead Independent Director · Compensation (Chair) · Nominating, Governance and Sustainability75,000000075,000
James D. CareyIndependent · Compensation70,000000070,000
Ruediger AdolfEmployee director · Board Chair00000
Elizabeth R. NeuhoffIndependent · Audit and Risk · Newly elected000000
George S. LeMieuxIndependent · Compensation · Nominating, Governance and Sustainability · Newly elected000000
Rajini Sundar KodialamEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$60,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)10,000 / 5,000 / 5,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2021
Cash retainers and fees$410,000
Equity awards (grant-date value)$204,000
All other compensation$0
Total cost of the board$614,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2021

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Focus Financial Partners names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Focus Financial Partners.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Moelis & Company2025Navid Mahmoodzadegan$400,000$34,120,701$0$0$42,846,376
2MSCI2025Henry A. Fernandez1,000,0004,380,02425,220,3041,346,95033,320,590
3Evercore ISI2025John S. Weinberg500,0005,888,5390017,138,539
4Focus Financial Partners2021Ruediger Adolf909,1551,727,2134,756,2654,318,00011,911,818
5SEI Investments2025Ryan Hicke850,0002,150,0326,599,9422,200,00011,819,204
6Houlihan Lokey2025Scott Adelson500,0000010,500,00011,329,033
7FTI Consulting2025Steven Gunby1,000,0007,450,94301,805,15210,273,735
8FactSet2025F. Philip Snow775,0003,750,1623,750,0931,171,3769,460,930
9Morningstar2025Kunal Kapoor650,0006,251,74302,150,5779,070,695
10Envestnet2023William Crager650,0003,520,568004,880,843
11Resources Connection2025Kate Duchene825,0001,832,485002,673,316
12PJT Partners2025Paul Taubman1,000,0000001,031,350
CRA Internationalnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Focus Financial Partners190.0%Other 60 · RSU 40not disclosedSemler Brossy
CRA Internationalnot disclosednot disclosednot disclosednot disclosed
Envestnet100%PSU 50 · RSU 50Yes — Relative TSR vs. Russell 2000 Index constituentsWillis Towers Watson US LLC
Evercore ISInot disclosedRSU 50not disclosednot disclosed
FactSet101%Options 50 · PSU 50NoMeridian Compensation Partners
FTI Consultingnot disclosedPSU 67 · RSU 33Yes — Company Relative TSRPearl Meyer
Houlihan Lokey2100%not disclosedNoWTW
Moelis & Companynot disclosednot disclosedYes — TSR Performance ConditionWillis Towers Watson
Morningstar111.4%MSU 75 · RSU 25NoPay Governance LLC
MSCI96.21%PSO 70 · PSU 30Yes — Absolute TSR CAGRSemler Brossy
PJT Partnersnot disclosednot disclosedNoWillis Towers Watson
Resources Connectionnot disclosedPSU 50 · RSU 50Nonot disclosed
SEI Investments110%not disclosednot disclosedSemler Brossy Consulting Group, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Ruediger AdolfDEF 14A2022-04-140001104659-22-046003Section “SUMMARY COMPENSATION TABLE”. As printed: 11,911,818. Filing ↗machine: t28 · r1 · c48 · span 580291–580301
2Section 01, Rajini KodialamDEF 14A2022-04-140001104659-22-046003Section “SUMMARY COMPENSATION TABLE”. As printed: 7,963,556. Filing ↗machine: t28 · r4 · c48 · span 601032–601041
3Section 01, James ShanahanDEF 14A2022-04-140001104659-22-046003Section “SUMMARY COMPENSATION TABLE”. As printed: 5,837,868. Filing ↗machine: r10 · c48 · span 641492–641501
4Section 01, J. Russell McGranahanDEF 14A2022-04-140001104659-22-046003Section “SUMMARY COMPENSATION TABLE”. As printed: 4,903,375. Filing ↗machine: r13 · c48 · span 661263–661272
5Section 03, Leonard Chang OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r13 · c45 · span 774044–774053
6Section 03, Leonard Chang OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r11 · c45 · span 760476–760485
7Section 03, Ruediger Adolf OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r5 · c45 · span 721693–721702
8Section 03, Leonard Chang RSUDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r12 · c45 · span 767262–767269
9Section 03, Ruediger Adolf OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r3 · c45 · span 708122–708131
10Section 03, J. Russell McGranahan OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r21 · c45 · span 826357–826366
11Section 03, James Shanahan OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r17 · c45 · span 798429–798438
12Section 03, Rajini Kodialam RSUDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r8 · c45 · span 740197–740206
13Section 03, Rajini Kodialam OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r9 · c45 · span 746088–746097
14Section 03, James Shanahan RSUDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r16 · c45 · span 792540–792547
15Section 03, James Shanahan OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r15 · c45 · span 786647–786656
16Section 03, Rajini Kodialam OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r7 · c45 · span 734304–734313
17Section 03, J. Russell McGranahan RSUDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r20 · c45 · span 819591–819598
18Section 03, Ruediger Adolf RSUDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r4 · c45 · span 714908–714917
19Section 03, J. Russell McGranahan OPTIONDEF 14A2022-04-140001104659-22-046003Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r19 · c45 · span 812823–812830
20Section 07, pay ratioDEF 14A2022-04-140001104659-22-046003Section “CEO Pay Ratio”. As printed: 158 : 1. Filing ↗machine: span 1508467–1508470
21Section 08, Kristine M. MashinskyDEF 14A2022-04-140001104659-22-046003Section “Director Compensation”. As printed: 1,911,000. Filing ↗
22Section 08, Joseph Feliciani, JrDEF 14A2022-04-140001104659-22-046003Section “Director Compensation”. As printed: 479,000. Filing ↗
23Section 08, Greg S. MorganrothDEF 14A2022-04-140001104659-22-046003Section “Director Compensation”. As printed: 469,000. Filing ↗
24Section 08, Fayez S. MuhtadieDEF 14A2022-04-140001104659-22-046003Section “Director Compensation”. As printed: 75,000. Filing ↗
25Section 08, James D. CareyDEF 14A2022-04-140001104659-22-046003Section “Director Compensation”. As printed: 70,000. Filing ↗machine: t36 · r1 · c7 · span 1539807–1539813
26Section 08, Ruediger AdolfDEF 14A2022-04-140001104659-22-046003Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, Elizabeth R. NeuhoffDEF 14A2022-04-140001104659-22-046003Section “Director Compensation”. As printed: 0. Filing ↗
28Section 08, George S. LeMieuxDEF 14A2022-04-140001104659-22-046003Section “Director Compensation”. As printed: 0. Filing ↗
29Section 08, Rajini Sundar KodialamDEF 14A2022-04-140001104659-22-046003Section “Director Compensation”. As printed: 0. Filing ↗
30Section 06, 2022 voteForm 8-K2022-06-010001104659-22-067120Item 5.07 · say-on-pay result. As reported: 77.96% (votes for as printed: 2,130,452). Filing ↗machine: span 3899–3908
31Section 06, 2021 voteForm 8-K2021-06-010001104659-21-075030Item 5.07 · say-on-pay result. As reported: 85.21%. Filing ↗
32Section 06, 2020 voteForm 8-K2020-06-050001104659-20-070314Item 5.07 · say-on-pay result. As reported: 89.74%. Filing ↗
33Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
34Section 09b board cost (computed)ComputedcomputedCash 410,000 + equity 204,000 + all other 0 = 614,000, summed across the director compensation table rows.machine: formula: Σ = 614,000
35Moelis & Company, Section 10b CEO totalDEF 14A2026-04-300001193125-26-193242CEO total compensation as printed in Moelis & Company's own proxy. As printed: 42,846,376. Filing ↗machine: t240 · r10 · c16 · span 660051–660061
36MSCI, Section 10b CEO totalDEF 14A2026-03-110001408198-26-000023CEO total compensation as printed in MSCI's own proxy. As printed: 33,320,590. Filing ↗machine: r2 · c24 · span 1659848–1659858
37Evercore ISI, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191911CEO total compensation as printed in Evercore ISI's own proxy. As printed: 17,138,539. Filing ↗machine: t182 · r9 · c23 · span 595538–595548
38Focus Financial Partners (subject), Section 10b CEO totalDEF 14A2022-04-140001104659-22-046003CEO total compensation as printed in Focus Financial Partners's own proxy. As printed: 11,911,818. Filing ↗machine: t28 · r1 · c48 · span 580291–580301
39SEI Investments, Section 10b CEO totalDEF 14A2026-04-150000350894-26-000021CEO total compensation as printed in SEI Investments's own proxy. As printed: 11,819,204. Filing ↗machine: r2 · c7 · span 1080241–1080251
40Houlihan Lokey, Section 10b CEO totalDEF 14A2025-07-250001302215-25-000084CEO total compensation as printed in Houlihan Lokey's own proxy. As printed: 11,329,033. Filing ↗machine: t36 · r2 · c14 · span 344700–344710
41FTI Consulting, Section 10b CEO totalDEF 14A2026-04-210001193125-26-165147CEO total compensation as printed in FTI Consulting's own proxy. As printed: 10,273,735. Filing ↗machine: r5 · c18 · span 1110308–1110318
42FactSet, Section 10b CEO totalDEF 14A2025-10-270001628280-25-046442CEO total compensation as printed in FactSet's own proxy. As printed: 9,460,930. Filing ↗machine: span 790783–790792
43Morningstar, Section 10b CEO totalDEF 14A2026-03-270001193125-26-129081CEO total compensation as printed in Morningstar's own proxy. As printed: 9,070,695. Filing ↗machine: span 881694–881703
44Envestnet, Section 10b CEO totalDEF 14A2024-04-050001104659-24-044267CEO total compensation as printed in Envestnet's own proxy. As printed: 4,880,843. Filing ↗machine: r1 · c48 · span 863945–863954
45Resources Connection, Section 10b CEO totalDEF 14A2025-09-040001084765-25-000144CEO total compensation as printed in Resources Connection's own proxy. As printed: 2,673,316. Filing ↗machine: r5 · c30 · span 794481–794490
46PJT Partners, Section 10b CEO totalDEF 14A2026-04-290001628280-26-028424CEO total compensation as printed in PJT Partners's own proxy. As printed: 1,031,350. Filing ↗machine: t143 · r5 · c16 · span 827753–827762
47Section 10a, MSCI reciprocityDEF 14A0001408198-26-000023MSCI's most recent proxy was read; its disclosed peer group does not include Focus Financial Partners. Filing ↗
48Section 10a, Moelis & Company reciprocityDEF 14A0001193125-26-193242Moelis & Company's most recent proxy was read; its disclosed peer group does not include Focus Financial Partners. Filing ↗
49Section 10a, Evercore ISI reciprocityDEF 14A0001193125-26-191911Evercore ISI's most recent proxy was read; its disclosed peer group does not include Focus Financial Partners. Filing ↗
50Section 10a, Houlihan Lokey reciprocityDEF 14A0001302215-25-000084Houlihan Lokey's most recent proxy was read; its disclosed peer group does not include Focus Financial Partners. Filing ↗
51Section 10a, Resources Connection reciprocityDEF 14A0001084765-25-000144Resources Connection's most recent proxy was read; its disclosed peer group does not include Focus Financial Partners. Filing ↗
52Section 10a, PJT Partners reciprocityDEF 14A0001628280-26-028424PJT Partners's most recent proxy was read; its disclosed peer group does not include Focus Financial Partners. Filing ↗
53Section 10a, FTI Consulting reciprocityDEF 14A0001193125-26-165147FTI Consulting's most recent proxy was read; its disclosed peer group does not include Focus Financial Partners. Filing ↗
54Section 10a, Envestnet reciprocityDEF 14A0001104659-24-044267Envestnet's most recent proxy was read; its disclosed peer group does not include Focus Financial Partners. Filing ↗