Advisor Group, a network of independent wealth management firms, has wrapped up its acquisition of Ladenburg Thalmann Financial Services creating a wealth manager with more than $450bn in assets.
Under the $1.3bn deal, announced last November, Ladenburg Thalmann merged with Advisor Group.
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The amalgamated group incorporates a multi-brand network model.
Miami-based Ladenburg Thalmann comprises five independent advisory and brokerage firms, which will not be consolidated with Advisor Group IBDs.
Ladenburg Thalmann CEO, president and chairman Richard Lampen said: “We believe the transaction will help our financial advisers accelerate the growth of their businesses while continuing to benefit from the highly personalised service experience they have always enjoyed.”
The merged entity is said to be one of the “largest networks of independent wealth management firms” in the US. Its adviser headcount is nearly 11,300.
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By GlobalDataIt will remain under the leadership of Advisor Group CEO and president Jamie Price.
Price noted: “We have a shared excitement for creating an industry leader that offers a truly unique combination of resources, flexibility and personalised service.
“We are thrilled to embark upon a new stage of growth and success for the advisers we support, and we offer the advisers who have joined us from Ladenburg a very warm welcome to the Advisor Group community of firms.”
Last year, private investment firm Reverence Capital Partners acquired a majority interest in Advisor Group.
