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The eight wealth administration companies in Advisor Group’s community have gotten one over the following two years.
American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Monetary, Securities America, Triad Advisors and Woodbury Monetary Companies are merging collectively below a brand new model title set to be revealed later this yr, Phoenix-based Advisor Group introduced on April 26. The official phrase follows months of hypothesis in regards to the potential consolidation of the agency, which is majority owned by non-public fairness investor Reverence Capital Companions and has greater than 11,000 monetary advisors throughout its community.
“Combining our a number of companies below a single model will permit us to higher serve our monetary professionals by providing them entry to the total breadth of neighborhood and experience our scale supplies with out the complexities that a number of authorized entities can impose,” CEO Jamie Worth stated in an announcement. “Our present enterprise mannequin has been profitable to this point, however because the business panorama continues to evolve, concurrently sustaining a collection of divergent manufacturers not helps a best-in-class expertise for our monetary professionals or their shoppers.”
Shoppers with accounts held immediately by the companies’ platforms will have the ability to switch their belongings to the brand new entity with out signing any paperwork, in accordance with the agency. These with third-party cash managers must observe switch procedures, though the agency has pledged to work with these outdoors firms to make sure a clean migration.
“For monetary professionals within the Advisor Group community, that is going to considerably elevate our expertise with the agency,” Debra Brennan-Tagg, the president of Dallas-based BFS Advisory Group and the chair of Advisor Group’s nationwide advisory board, stated in an announcement. “Having the agency singularly targeted on our development and our expertise will permit us to associate extra simply with them to appreciate and leverage all the advantages Advisor Group has the potential to offer.”
The agency has tapped New York-based branding company Sullivan NYC to advise on the rebranding of the merged entity, and it plans to launch extra particulars in regards to the consolidation subsequent month at its NXT Convention in Louisville, Kentucky. The brokerage companies will fold into the brand new entity one by one, with the primary wave scheduled in a yr and a half.
“This isn’t a repapering occasion,” Worth stated. “As a result of the companies are already a part of Advisor Group, we will considerably simplify the monetary skilled and consumer transitions by eliminating the complexities that happen in a traditional transition. Transferring into one agency is about making it simpler for our monetary professionals to conduct enterprise and giving them extra worth via their connection to one another and to our residence workplace. Our objective is to facilitate probably the most seamless transition potential that can finally profit their companies.”
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