Advisor Group has agreed to acquire Infinex Financial Holdings, the holding company of a privately-held broker-dealer.

The transaction, whose financial terms were not revealed, is subject to FINRA and other regulatory approvals.

Connecticut-headquartered Infinex was founded in 1993.

The firm provides technology via a proprietary platform, in-field relationship management support, wealth and life insurance services, and practice management solutions to banks, credit unions and financial institution-based financial advisors and their clients,

Infinex has more than 750 financial professionals supporting over 230 community-based bank and credit union programmes with clients in all 50 states and managing approximately $30bn in client assets.

Following the close of the deal, the firm will operate as a member firm of the Advisor Group network. It will maintain its existing brand, executive leadership team and operating model.

Infinex president and CEO Stephen Amarante become part of Advisor Group’s Executive leadership team.

Advisor Group president and CEO Jamie Price said: “By joining forces with Infinex, Advisor Group becomes a multi-channel industry leader with a significant presence across the financial institution space, a distinct industry channel with over $1 trillion in assets. We are honoured that Infinex has chosen to partner with us and look forward to supporting the growth of financial institutions, financial advisors and the clients they support.”

Amarante added: “As we developed our forward strategic vision, we recognized that driving further scale in the financial institution channel is critical to serving our clients and to achieving a sustainable, premier service experience.

“Partnering with Advisor Group will allow us to grow our influence and support model while maintaining the value of our firm’s culture, people and position in the marketplace.”

In 2020, Advisor Group combined with Ladenburg Thalmann Financial Services in a $1.3bn deal.