As a part of the move, Paul Lofties, who has been promoted to the post of senior vice president of wealth management at Securities America, said that one of the initiatives will include be the establishment of a hedge fund platform.
"We anticipate a rollout in the first quarter. We’re already working with Crystal Capital Partners," Financial Planning quoted Lofties as saying, adding that Crystal Capital has aggregated true hedge funds on a platform, enabling Securities America to choose among those funds and offer them to qualified clients.
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He further stated that Securities America will give their advisors more access to the tools offered by their parent company, Ladenburg Thalmann, especially the syndicated offerings.
Additionally, the firm is seeing opportunity to add advisors from wirehouses this year.
Lofties cited fiscal cliff-generated tax law and the prospect of ongoing negotiations in Washington as the external factors that might affect wealth management in 2013.
Meanwhile, Securities America has promoted Jim Heeney to chief operating officer and senior vice president, David Vaughan, Jr., to its vice president of finance, and Craig Zimmerman as the vice president of operations.
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