Securities America Advisor Hires North Dakota Team From AXA

Troubled independent broker-dealer Securities America announced Thursday that a new group of advisors from North Dakota had just joined Diversified Wealth Management LLC, which offered securities through Securities America.

Diversified Wealth Management, based in St. Louis Park, Minn., offers fee-based financial advisory services to individuals and small business owners. Its addition of six Bismarck, N.D., advisors led by AXA Advisors retirement planning specialist Matt Puetz will expand Diversified Wealth Management to 20 advisors, eight staff people and seven locations in two states.

“Having the Bismarck advisors as part of Diversified Wealth Management will add an additional layer of experience and expertise,” Diversified Wealth Managing Partner and OSJ Todd Terhorst said in a statement released by Securities America. “The advisors in this group have an incredible depth of knowledge. Most of the advisors have been in the industry for more than 20 years and have honed their skills and areas of specialty. I have been impressed with their level of professionalism and their primary focus to do whatever is in the best interests of their clients.”

Terhorst said he anticipates the Bismarck addition to increase Diversified Wealth’s assets under management to nearly 33%.

After hearing oral arguments on March 18 in Dallas, U.S. District JudgeRoyal Furgeson rejected a class action settlement under which Securities America, headquartered in La Vista, Neb., would have paid $21 million to settle charges that it didn’t conduct the proper due diligence on investments sold by Securities America reps from Provident Royalties LLC andMedical Capital Holdings Inc.