Furthering the consolidation trend in the independent broker/dealer industry, Securities America Financial Corp. has agreed to acquire Folsom, California-based Brecek & Young Advisors from Security Benefit Corp. (SBC) of Topeka, Kansas. Terms of the transaction were not disclosed, and the transaction is still subject to regulatory approval.
According to a joint release August 5 announcing terms of the acquisition, Brecek & Young Advisors’ employees and advisors will become affiliated with Securities America in late 2008. The addition of Brecek & Young Advisors represents approximately $42 million in gross revenues, more than $1.3 billion in fee-based AUM, and more than 300 producing reps, the companies said in the release. After the transition, Securities America will serve approximately 2,000 independent advisors with an estimated $550 million in revenue and $15 billion in fee-based AUM.