February 1, 2012

SagePoint Grabs $1.8M Team, Expands Recruiting Goal

The team joins the Advisor Group of IBDs from Securities America

SagePoint Financial, part of the Advisor Group of independent broker-dealers led by Larry Roth, said Monday that it recruited a team with $1.8-plus million in yearly fees and commissions and $200 million in assets from Securities America. It also has raised its recruiting goal for 2012 to about $25 million in production from $17.5 million in 2011, according to President and CEO Jeff Auld.

“We had a great 2011 and met the goal of $17.5 million in production through recruitment in 2011,” said Auld (left) in an interview with AdvisorOne. “And we were challenged to have a better 2012, so our goal is now $25 million.”

Last year, he says, SagePoint added about 135 advisors, mostly from other independent broker-dealers. The firm now has more than 1,500 producing reps and some $250 billion in assets.

The group joining Sage Point in Santa Barbara, Calif., AmeriFlex Financial, “actually hired a consultant to help it find the best firm and the best fit for its advisors,” Auld explained. “We were asked to complete an RFP as part of the short list.”  

“I was extremely impressed with the diversity of leading product providers on SagePoint’s platform and the wealth of technology available,” said Tom Goodson, founder and CEO of AmeriFlex, in a statement. “From paperless office solutions to e-signatures to social media offerings and a truly customizable platform to run my business, SagePoint has developed a suite of technology designed exclusively for advisors.”

According to Auld, one of Phoenix-based SagePoint’s main selling points is that it has been in business for more than 40 years. “Many advisors today are moving from one firm to another because they are concerned about the future of their independent broker-dealers, especially given recent volatility,” the executive said.

“They don’t want to further upset their clients,” Auld said, and are not looking for a reason to leave. But they are doing so because they face an uncertain future. Thus, we’re on the top of the list for many as one firm that has been here a long time with stability of ownership.”

Sun America bought the firm, he notes, more than 25 years ago.

In terms of future announcements, Auld says SagePoint is talking with prospective advisors and pursuing acquisition opportunities “nearly everyday.” This includes discussions with a firm that has more than $800,000 in yearly fees and commissions in the upper Midwest. “They visited us [on Monday],” he said, “and we’re in conversations with a larger firm, as well.”

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