Advisor Group says it has tied the knot with Ladenburg Thalmann, three months after it announced plans for the merger.
The combined entity has some 11,300 affiliated financial advisors, $450 billion in client assets and nine broker-dealers. The enterprise value of the transaction was put at $1.3 billion when plans for the deal were first made public.
“The closing is a testament to the strength of both companies’ management teams, the quality and early engagement of our advisor communities and the overwhelmingly positive response from ratings agencies and our investors,” according to Jamie Price, Advisor Group’s CEO and president.
The combined entity includes FSC Securities, Royal Alliance Associates, SagePoint Financial, Woodbury Financial, Securities America, Triad Advisors, Investacorp, KMS Financial Services and Securities Service Network.
No details were given as to if or how the BDs and their respective administrative staff will be consolidated. But those with the most advisor-facing roles are likely to have the greatest job security, as has been the case with prior mergers of this size.