San Diego-based Independent Financial Group says a team with 10 advisors, $875 million in client assets and $6.5 million of yearly fees and commissions has joined its platform from SII Investments, which was acquired by LPL Financial in August.
(SII was one of four broker-dealers previously owned by National Planning Holdings. SII and the other firms — National Planning Corp., Invest Financial and Investment Centers of America — had a total of about 3,200 advisors with $120 billion of assets at the time the deal was made.)
The office moving to Independent Financial is Scarborough Capital Management of Annapolis, Maryland. It is led by several managing partners: Greg Ostrowski, Ian Arrowsmith, Jay Sprinkel, Ryan Ansted and Shawn Walker.
“We did a pretty exhaustive search of broker-dealers. IFG’s nimbleness and size compared to the big-box store model was attractive to us,” said Ostrowski, in a statement.