The AIG Advisor Group, Phoenix, plans to combine 3 of its brokerages into a new entity, AIG Financial Advisors Inc.
The new unit will be an independent broker-dealer comprising registered representatives from the AIG brokerage firms SunAmerica Securities Inc., Sentra Securities Corporation and Spelman & Co. Inc. AIG acquired the 3 brokerages in 1999 as part of its merger with SunAmerica Life Insurance Company.
The AIG Advisor Group, the marketing name for the broker-dealer subsidiaries of American International Group Inc., New York, expects to launch the subsidiary in the second quarter.
The new unit would help the company build a stronger brand identity in the independent broker-dealer industry, says James R. Cannon, president and CEO of AIG Financial Advisors.
“We also recognize that the clients relationship is with their financial advisor, not the broker-dealer,” says Cannon. “Therefore, independent financial advisors affiliated with our broker-dealer can choose to adopt the AIG Financial Advisors name, use the name of their own entity or both.”
Cannon says AIG surveys of financial advisors show they want the flexibility to use either their own names or that of their broker-dealers when dealing with clients.