Private Advisor Group said Wednesday it acquired Investors Financial Group, a Minneapolis registered investment adviser with $1.86 billion in advisory assets.
Terms of the deal were not disclosed. With $30 billion in client assets, Private Advisor Group of Morristown, New Jersey, is the largest office under the umbrella of LPL Financial, which Investors Financial Group also uses as its broker-dealer.
With close to 30 independent advisers and staff, Investors Financial Group will retain its brand while gaining access to practice management, business and succession planning resources, as well as Private Advisor Group’s 700 advisers.
Private Advisor Group appears to be in growth mode. In December, it said that Merchant Investment Management had taken a noncontrolling minority stake in the firm, marking its first outside investment. And in late 2000, the firm said it hired industry veteran and former LPL president Robert Moore as CEO.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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