Kestra Financial has agreed to snap up independent financial adviser platform H. Beck (HBI) from Securian Financial Group.

Maryland-based HBI has 540 offices across the US and offers broker-dealer and RIA services to over 600 representatives.

HBI will continue to operate as a standalone entity following the acquisition, and will retain its Maryland base, operational autonomy and brand.  The firm will continue to be managed by its existing executive team.

The companies did not disclose the financial terms of the transaction, which is expected to be completed before the end of 2017.

Kestra Financial CEO James Poer said: “This acquisition represents our continued commitment to intentional growth through both organic initiatives and acquisitions.

“We have a history of making thoughtful acquisitions that align with our values and business strategies, and we believe that the H. Beck advisor force and the clients they serve will benefit from the transaction.”

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By GlobalData