Advisor Group, a network of independent wealth management firms, has decided to merge three of the broker-dealers Ladenburg Thalmann which it acquired this year.
Under the plan, Ladenburg broker-dealers Investacorp, Securities Service Network (SSN) and KMS Financial Services will be folded into Securities America.
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The integration will be done in a phased manner, with Investacorp merged in mid-July, SSN in mid-September, and KMS in November.
Advisor Group will provide transition expense assistance to financial professionals at the three businesses to be consolidated.
Advisor Group CEO Jamie Price said that the merger plan was implemented following a review of operations and included financial professionals’ feedback.
Price noted: “Our decision to align Investacorp, SSN and KMS with Securities America was driven by one goal: Delivering the very best technology, platforms, tools and other growth resources that we have to all financial professionals across each of these firms as expeditiously as possible.”
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By GlobalDataThe consolidation will not require repapering of client securities accounts though a small number of KMS adviser accounts will need positive consent to the change of firms.
The Investacorp, SSN and KMS advisory councils will remain and so will several of the home office staff.
Post consolidation, Advisor Group will include six standalone businesses – Securities America, Triad Advisors, FSC Securities, Royal Alliance Associates, SagePoint Financial and Woodbury Financial Services.
In February this year, Advisor Group acquired Ladenburg for $1.3bn.
The combination of the two entities created a wealth manager with more than $450bn in assets.
