Securities America has wrapped up its purchase of Wall Street Financial Group, which means it has added 67 advisors with some $2.1 billion in client assets and $11 million in yearly revenue.
This news comes about one month after the independent broker-dealer said it was buying some assets from Foothill Securities, including up to 210 independent advisors and over $5 billion in client asset (according to the Nebraska-based IBD, Foothill has about $38 million in yearly revenue; its main office is in Silicon Valley).
On its latest purchase, Securities America CEO and President Jim Nagengast said in a statement, “This deal allows the advisors to maintain the valuable relationships they’ve built with their leaders and each other while leveraging Securities America’s infrastructure, technology and practice management programs to continue their growth and success.”
In the past eight years, Securities America—which is owned by Ladenburg Thallman (LTS)—has struck nine deals, which included more than 1,000 advisors, close to $15 billion in client assets and about $128 million in revenue. In total, the IBD has some 2,000 affiliated reps and $58 billion in client assets.
“Our proven, sophisticated, multi-departmental approach to the acquisition process, along with our industry thought leadership pertaining to the DOL rule and its impacts, have made us a desirable business partner for firms such as WSFG,” said Gregg Johnson, vice president of branch office development and acquisitions.
As part of the latest acquisition, WSFG President and CEO Victoria Bach-Fink and Vice President D. Robert Anderson will join Securities America and supervise the branch in Fairport, N.Y., a suburb of Rochester.
“We are excited to join Securities America,” said Bach-Fink. “For 22 years, WSFG has been committed to enhancing our advisors’ ability to serve their clients.
“As a large OSJ under a leading broker-dealer, we will gain compliance support, strong technology and important value-add programs like succession planning, practice management and a full suite of asset management resources,” she explained.
The branch will operate under the name Evolution Financial Advisors.
“Securities America can provide WSFG’s advisors vital compliance and fiduciary services,” Back-Finked added. “Our shared vision of providing advisors with top-quality resources makes this an ideal partnership.”
Ladenburg Thalmann, which owns a number of IBDs, plans to release its third-quarter results on Nov. 4.
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