Independent broker-dealer Securities America said early Tuesday that Investors Security Co. of Suffolk, Va., will become a branch of Securities America with about 130 advisors.
Investors Security, according to its website, has managed about $1 billion of client assets and previously cleared through Pershing.
“We’re honored that Investors Security is joining the Securities America family, continuing our outstanding 2012 recruiting results,” said Jim Nagengast (left), CEO and president of Securities America, in a press release. “We have significant experience working with smaller broker-dealers that want to merge their advisor force into a strong, industry-leading broker-dealer.”
Securities America, which is based in La Vista, Neb., is owned by Ladenburg Thalmann Financial Services (LTS). Ladenburg bought the independent broker-dealer from Ameriprise Financial (AMP) in late 2011 for $150 million.
Investors Security will be one of Securities America’s largest branches and will be led by Christopher Holloway, who was recently named president and has been a managing director at Investors Security since 1999, and Cabell Birdsong, founder and CEO of Investors Security.
“I am excited to entrust my life’s work to a firm with the sense of family and community like Securities America,” said Birdsong, who started the business in 1964, in a statement. “I have spent time with the executives from Securities America and Ladenburg Thalmann and have found them to be quality individuals running a strong broker-dealer that is committed to the advisor experience.”
Last month, Kelley & Mullis Wealth Management of Vestavia, Ala., joined Securities America. The team includes four advisors with about $225 million in assets, had previously affiliated with LPL Financial (LPLA).
This addition followed Securities America’s October hiring of Monte Garpestad to its recruiting team. Garpestad, who worked for Charles Schwab for 20 years, came on board as senior regional director of branch-office development for the upper Northwest region and relocated to Omaha from Seattle.
“Our branch structure gives us a culture and infrastructure that smaller broker-dealers find attractive when considering their options for the future,” added Nagengast. “With our unmatched technology and business growth services, Investors Security’s advisors can continue to provide the quality, comprehensive financial services their clients have come to associate with the Investors Security name.”