Advisor Group said Thursday it had agreed to buy a bank-focused broker-dealer, Infinex Investments Inc., with 750 financial advisers who control more than $30 billion in client assets. Infinex Investments currently works with more than 230 bank and credit union programs that have clients in all 50 states, according to the companies.
Terms of the deal, which is subject to regulatory approval, were not disclosed.
With 9,700 financial advisers under the roofs of half-a-dozen broker-dealers, Advisor Group is one of the largest broker-dealer networks in the industry.
The companies said in a statement that Infinex will operate under its own brand and retain management, with the firm's president and CEO Stephen Amarante joining Advisor Group’s executive leadership team.
Advisor Groups registered reps and financial advisers control close to $515 billion in client assets.
In 2019, private-equity manager Reverence Capital Partners bought 75% of Advisor Group from Lightyear Capital, PSP Investments and other investors. A year later, Advisor Group finished its acquisition of Ladenburg Thalmann Financial Services Inc., creating a behemoth organization.
Advisor Group faces several long-term questions in the market. Will it become a public company, and, if so, when will its initial public offering likely take place? Or will it remain private, with its largest owner, Reverence Capital Partners, selling it in a few years to another private investor?
Advisor Group competitors like LPL Financial and Cetera Financial Group already have a sizable presence in the bank broker market.
Advisor Group CEO Jamie Price noted in the statement that the acquisition of Infinex gave the network heft in that segment of the financial advice industry.
"By joining forces with Infinex, Advisor Group becomes a multi-channel industry leader with a significant presence across the financial institution space, a distinct industry channel with over $1 trillion in assets," Price said.
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.
The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.
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