Royal Alliance Associates said late Tuesday that a group of 50 independent advisors, with $1.4 billion in assets and some $8 million in yearly fees & commissions, has just affiliated with it.
Savage & Associates of Toledo, Ohio, which previously used Walnut Street Securities as its broker-dealer, cited Royal’s technology, service and open-architecture platform as key reasons for the move, says the independent broker-dealer, which is part of the AIG-owned Advisor Group.
“We are honored to have a firm as respected in the industry as Savage & Associates join Royal Alliance,” said Royal Alliance President & CEO Arthur Tambaro (left), in a press release. “Their commitment to success and quality client support exemplify the high standards we look for in an affiliating firm.”
The Savage news comes about three months after Royal Alliance added two independent teams in Chicago and Salt Lake City with combined assets of more than $400 million and nearly $3.5 million in yearly fees and commissions. Overall, Royal Alliance has close to 2,000 affiliated advisors with total assets under management of about $45 billion.
“We have strong momentum in a still challenging recruiting environment,” said Kevin Beard, senior vice president of recruiting with Royal Alliance, in a statement. “Savage & Associates is the largest single group we have brought on in 2013, but we have been affiliating quality advisors and OSJs all year, and we have a strong pipeline of recruits looking to join us in the second half.”
Savage & Associates was founded in 1957. It now has offices across Ohio and an affiliate, e3Financial, in Newport Beach, Calif. According to Royal Alliance, Savage & Associates has a strong reputation for educating its clients while meeting their financial-planning needs. In addition, the group does work in benefits and insurance, custom-employee benefits packages, and retirement products and services.
“We were looking for a partner that not only had the resources and technology to support our business, but also had a true open-architecture philosophy that would allow us to run our firm and take care of our clients as we feel best,” said Savage & Associates President and CEO J.R. Toland, in a statement. “We decided early on that Royal Alliance was the perfect fit for us.”