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September 28, 2017 at 12:06 AM
Independent broker-dealer Kovack Securities says 35 advisors are set to affiliate with it in South Florida, which could push its client asset level to more than $10 billion. As part of the arrangement, announced Wednesday, Capital Guardian is becoming an independent branch, or super office of supervisory jurisdiction, of Kovack Securities for its brokerage activities.
“In this era of surging industry consolidation, our strategic alliance with Capital Guardian underscores the value proposition Kovack Securities offers to firms that seek to operate scalably, while enjoying the benefits of ownership stability and the boutique service culture that only a well-resourced, family-owned firm with a national footprint can deliver,” said Kovack Securities President Brian Kovack, in a statement.
Capital Guardian’s advisors will continue to provide their clients with fee-based advisory services and financial planning through Capital Guardian Wealth Management, the firm’s RIA. The RIA will have access to certain wealth-management solutions and platforms through its new relationship with Kovack Securities.
Kovack Securities is “excited about Capital Guardian’s strategic advantages, including its base of international clients, which is rare within the independent financial advice industry, and provides our firm with unique opportunities to expand our presence overseas,” the executive added.
Capital Guardian is based in Miami, while privately held Kovack Securities is headquartered in nearby Fort Lauderdale. The broker-dealer works with about 400 independent advisors nationwide and had nearly $10 billion in client assets as of June 2016.
