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June 23, 2022

Advisor Group to purchase New York-based broker-dealer American Portfolios

Advisor Group, a network of independent wealth management firms in the US, has agreed to purchase American Portfolios Financial Services, a New York-based broker-dealer with about $40bn in client assets.

Member firm of FINRA and SIPC, American Portfolios currently supports over 850 financial professionals in nearly 400 branches across the US.

The deal, whose financial details have not been made public, is subject to FINRA and other regulatory approvals.

Following the deal closure, American Portfolios will become a member of the Advisor Group network.

It will continue to operate under its own brand and maintain its current operating model, Advisor Group said.

Under the arrangement, American Portfolios chairman, CEO and president Lon Dolber will join Advisor Group as vice chairman.

 Dolber, who has more than three decades of experience in wealth management and financial services industry, will provide counsel to Advisor Group president and CEO Jamie Price.

Commenting on the deal, Price said: “American Portfolios is one of the most well-established firms in its space. Lon and his team have built a distinctive business spanning 22 years. We are honored to partner with them to continue their growth.

“This acquisition underscores Advisor Group’s commitment to generating the right type of growth as part of a strategic framework that delivers value to all the entrepreneurial businesses we serve. Over time, we look forward to leveraging our scale and capabilities to better serve American Portfolios financial professionals and their clients.”

Last month, Advisor Group brokered a deal to buy Infinex Financial, the holding company of a privately held broker-dealer that supports banks, credit unions and financial institution-based financial advisors and their clients.

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

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