Securities America Financial Corp. has reached an agreement to absorb 45 registered reps — with roughly $500 million in assets — from Equitas Financial Advisors Inc.
Equitas Financial's broker-dealer has ceased operations, and Securities America has entered into an “exclusive transition and marketing agreement” to affiliate reps from the firm within Securities America's network of 1,900 advisers, according to a spokesperson for the independent broker-dealer.
The 45 reps will join Securities America as a branch that will continue to operate under the name Equitas Financial (the firm's former broker-dealer operated under the name of Equitas America LLC).
Bryce Hemker will lead the transition for Equitas Financial and will become the operations the branch manager. Mr. Hemker was not immediately available to discuss the transition or provide details on exactly when, or why, Equitas America was dissolved.
“We're extremely pleased that Equitas Financial made the decision to become a part of the Securities America family,” Gregg Johnson, senior vice president and director of branch office development at Securities America, said in a statement released today.
“We are working closely with them to ensure a smooth transition and to provide them with our extensive technology and practice-management resources.”