Ladenburg Thalmann Financial Services subsidiary Securities America entered into a strategic alliance with industry veteran David Pintaric to help launch William R. Pintaric & Associates LLC as a Super Office of Supervisory Jurisdiction, Securities America said Tuesday.
The super-OSJ combines Pintaric’s 33 years of experience in the wealth management industry with the technology, “expertise and resources” of Ladenburg’s largest subsidiary, according to Securities America, which said it had 2,600 independent advisors and about $97 billion in client assets as of Sept. 30.
The announcement is another example of Securities America serving as a “strong partner for seasoned industry professionals who are seeking to channel their knowledge and skill in supporting independent advisors into establishing successful OSJ offices,” it said.
As part of the new Super-OSJ’s growth strategy, Pintaric will work with Securities America’s recruiting team and “leverage his own extensive industry contacts in hopes of recruiting new advisors to the firm,” Securities America said. The firm will also use its experience helping OSJs in their “brand-building efforts to assist” Pintaric in “developing his new brand and raising his profile on social media platforms,” Securities America said.
William R. Pintaric & Associates is “affiliating with Securities America” as part of the alliance, Gregg Johnson, executive vice president of branch office development and acquisitions at Securities America, told ThinkAdvisor, noting “this is not an acquisition.”
“One of the things that we’re most excited about is the ability to partner with someone like David who has” so many years of experience and has both run his family’s broker-dealer and been an executive with a large, independent BD, he said.
Pintaric also has the “ability to know what’s needed and what’s desired by advisors,” Johnson said, adding he has known Pintaric for many years. “David has brought some client assets to the new office, but please keep in mind that this is a new enterprise, and it will take time to build up its book of business,” Johnson pointed out. He added: “That said, his current AUM and advisor headcount is less important to us than his ability to build a very attractive, compelling OSJ platform for advisors. We believe that he is in a tremendous position to do that successfully, and we are looking forward to supporting the growth of his firm.”
William R. Pintaric & Associates officially became affiliated with Securities America Sept. 18, Johnson told ThinkAdvisor, noting Securities America has “dozens of OSJs” that partner with his firm to grow their businesses. “Over the last three years, over 80% of the advisors that we’ve brought on” to the firm “have either joined an existing branch or they’ve joined as a branch,” like Pintaric’s firm, Johnson said.
Pintaric “shares the core DNA that we see in our most successful OSJs — namely, the passion for building a great office that provides the support, technology, resources and culture advisors need as they seek to grow throughout their careers,” according to Johnson.
The new super-OSJ is based in Youngstown, Ohio, and was named in tribute to Pintaric’s father, William R. Pintaric, a financial advisor and founder of WRP Investments in Cortland, Ohio. David Pintaric later served as WRP’s president and CEO. WRP was bought by Sterne Agee Financial Services (now SA Stone Wealth Management) in 2014.
After evaluating several potential allies to support his new firm, Pintaric selected Securities America because he was “very impressed by the strength of Securities America’s comprehensive platform, including its technology, services and processes,” he said in a statement. “Most of all, though, I was impressed by its people,” he noted, adding: “The team at Securities America are simply great professionals with a deep desire to get better every day at what they do. They are continually looking for ways to help advisory practices raise their game and elevate their capabilities, and for that reason, I knew they were the right firm to work with as I set forth on my new venture. Our job is to cater to the advisors and practices we serve. By combining the services of Securities America with my team, we have what we need to do just that.”
Securities America, meanwhile, “absolutely” continues to be on the lookout for additional OSJs and super-OSJs, Johnson told ThinkAdvisor. “We feel we have built a very strong value proposition that not only helps individual advisors who want to grow their practice, but we have a very strong story and successful track record to point to of how we’ve worked with OSJs and super-OSJs to help them meet their goals,” he said.
Securities America defines super-OSJs as OSJs with a “double-digit number of advisors” and also have a plan for growth and to partner with another firm like Securities America to help recruit and bring on new advisors, he explained.
The firm is “always on the lookout for top-tier talent, and when we identify great professionals with a strong track record in our industry who are interested in continuing to build on their success, we don’t hesitate to work with them,” he said in a statement.