Royal Alliance, a member of the AIG Advisor Group of independent broker-dealers, said Thursday that an RIA group with 33 advisors and about $600 million in assets is now affiliated with it: Affiliated Advisors Group of Bloomington, Illinois, which previously did business as First Midwest Securities.
“Affiliated Advisors Group is an outstanding addition to the Royal Alliance family,” said Dmitry Goldin, president and CEO of Royal Alliance, in a statement. “The caliber of the firm’s advisors and their unique sense of culture make them an excellent fit.”
The group got its start in Milwaukee in 1989 and then expanded by adding advisors in surrounding markets, like Chicago. When it joined Royal Alliance this week, the team closed its doors as a broker-dealer.
“Joining Royal Alliance was an excellent opportunity for our firm,” said James Linna, chairman and co-founder of Affiliated Advisors Group, in a statement. “The resources that their platform can offer our advisors are invaluable. Furthermore, our vision for independent advisors aligned so well that this seemed like a natural next step for our firm.”
Royal Alliance includes about $53 billion in client assets and some 1,900 affiliated independent financial advisors. In addition to Royal Alliance, the AIG Advisor Group FSC Securities, SagePoint Financial and Woodbury Financial Services, which have nearly 6,000 reps.
Securities America News
Securities America, part of Ladenburg Thalmann Financial Services (LTS), says an independent team that moved to LPL Financial (LPLA) for the past four years, recently returned to affiliate with the broker-dealer: Terry Bethea and Larry Angst of Birmingham, Alabama, who have about $100 million of client assets.