INVEST buys PFIC Securities contracts

INVEST Financial Corp. of Tampa, Fla., this morning said it has acquired the contracts of nearly 400 bank-based registered representatives of PFIC Securities Corp. of Franklin, Tenn., a subsidiary of Morgan Keegan & Co. Inc. of Memphis.
MAY 07, 2007
INVEST Financial Corp. of Tampa, Fla., this morning said it has acquired the contracts of nearly 400 bank-based registered representatives of PFIC Securities Corp. of Franklin, Tenn., a subsidiary of Morgan Keegan & Co. Inc. of Memphis. The PFIC affiliated reps, who manage more than $3 billion in assets for more than 40,000 clients, will now operate under the INVEST brand. Terms of the deal were not disclosed. "We are very excited about the opportunity to expand our presence in the bank channel through the acquisition of PFIC's book of business," said INVEST president and chief executive, Lynn Niedermeier, in a statement. Before the acquisition, INVEST, one of the broker-dealers in the National Planning Holdings Inc. network, had 629 affiliated reps and advisers. It generated $129.7 million in gross revenue in 2006, according to the firm.

Latest News

Trump account confusion is widespread among parents — and advisors have an opening
Trump account confusion is widespread among parents — and advisors have an opening

Only 7% of U.S. parents are "very confident" they understand how the Trump accounts work, says Omni Calculator

Receiver sues to recover alleged Traders Domain Ponzi profits
Receiver sues to recover alleged Traders Domain Ponzi profits

One transfer alone came to $5.6m, and the receiver says none of it was real profit.

SEC accuses S2A Modular founders of alleged $65 million investor fraud
SEC accuses S2A Modular founders of alleged $65 million investor fraud

Investors chose which factory to fund - the SEC says the money went elsewhere.

Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL
Ameriprise gets narrow relief from FINRA panel in latest recruiting dispute with LPL

Ameriprise and LPL Financial for the past few years have engaged in a financial advice trade war.

Am I stuck? Rethinking career mobility at every stage
Am I stuck? Rethinking career mobility at every stage

Why advisors at every stage may have more leverage, flexibility, and strategic options than they realize.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income