Three ING Advisors Network B-Ds may be put on the block

Three broker-dealers in the ING Advisors Network are facing another round of strategic reviews that could lead to their sale, an ING spokesman said this morning.
APR 17, 2009
Three broker-dealers in the ING Advisors Network are facing another round of strategic reviews that could lead to their sale, an ING spokesman said this morning. This comes as ING Group of Amsterdam, Netherlands, is reviewing the status of its global business lines to determine which ones are part of the insurance company giant's core and which are not. The broker-dealers with uncertain fates are: Financial Network Investment Corp. of El Segundo, Calif.; Multi-Financial Securities Corp. of Denver; and Primevest Financial Services Inc. of St. Cloud, Minn. The decision would affect roughly 5,000 reps at the three firms. The one broker-dealer ING intends to hang onto is ING Financial Partners Inc. of Des Moines, Iowa, said Dana Ripley, a spokesman in Atlanta for ING Americas. The broker-dealer network is simply a non-core business for ING, he said. No deal was imminent, Mr. Ripley said. “To suggest that a shopping process has started would be inaccurate,” he said. The uncertainty will undoubtedly provoke anxiety in the advisers, he said. “We’re fully aware of that. But transparency is better than doing it in secret.” No deadline had been set for informing management and reps at the broker-dealers whether the firms would be kept or sold, Mr. Ripley said. If those broker-dealers do go on the block anytime soon, they will be in a crowded market with other insurance-company-owned broker-dealers looking for a buyer. Beleaguered insurer American International Group Inc. of New York is looking to sell its broker-dealer network, the AIG Advisor Group, which includes three firms and more than 6,000 reps. The ING Advisors Network is clearly in flux. Its longtime leader, former chairman and CEO John Simmers, announced that he was retiring earlier this

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.