brokersXpress to buy Horwitz & Associates

BrokersXpress, which focuses on representatives and advisers who trade options, said on Tuesday that it is paying $4 million in cash and additional consideration based on future performance for Horwitz & Associates.
OCT 23, 2008
By  Bloomberg
Another independent broker-dealer is being acquired. Chicago-based brokersXpress Inc. has agreed to buy Horwitz & Associates Inc., an independent broker-dealer and investment adviser based in Riverwoods, Ill. This summer saw a flurry of acquisitions among independent broker-dealers, with at least five deals being announced. Since the stock market collapsed last month, the mergers and acquisitions market has apparently quieted down. Three broker-dealers in the AIG Advisor Group Inc. of New York remain on the block, either as part of a larger deal or as a standalone. BrokersXpress, which focuses on representatives and advisers who trade options, said on Tuesday that it is paying $4 million in cash and additional consideration based on future performance for Horwitz & Associates. The acquisition brings “a wealth of experience” to brokersXpress, said Barry Metzger, its chief executive, who noted that Horwitz & Associates has been in the business for 40 years and is run by the Horwitz family. The firm has 28 reps and financial advisers, 4,000 accounts and about $1 billion in client assets, he said, adding that the deal is subject to approval by regulators. BrokersXpress is a unit of optionsXpress Holdings Inc., also of Chicago, and was launched in 2004. It has about 300 affiliated reps and advisers and last year produced slightly less than $17 million in fees and commissions.

Latest News

Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says
Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says

A new analysis finds long-running fiscal woes coupled with impacts from the One Big Beautiful Bill Act stand to erode the major pillar for retirement income planning.

SEC bars New Jersey advisor after $9.9M fraud against Gold Star families
SEC bars New Jersey advisor after $9.9M fraud against Gold Star families

Caz Craffy, whom the Department of Justice hit with a 12-year prison term last year for defrauding grieving military families, has been officially exiled from the securities agency.

Navigating the great wealth transfer: Are advisors ready for both waves?
Navigating the great wealth transfer: Are advisors ready for both waves?

After years or decades spent building deep relationships with clients, experienced advisors' attention and intention must turn toward their spouses, children, and future generations.

UBS Financial loses another investor lawsuit involving Tesla stock
UBS Financial loses another investor lawsuit involving Tesla stock

The customer’s UBS financial advisor allegedly mishandled an options strategy called a collar, according to the client’s attorney.

Trump's one big beautiful bill reshapes charitable giving for donors and advisors
Trump's one big beautiful bill reshapes charitable giving for donors and advisors

An expansion to a 2017 TCJA provision, a permanent increase to the standard deduction, and additional incentives for non-itemizers add new twists to the donate-or-wait decision.

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.