RCS Capital has wrapped up the previously announced acquisition of Summit Financial Services Group, an independent broker-dealer headquartered in Boca Raton, Florida.
With the acquisition, RCS Capital has added nearly 324 financial advisors in the southeast to its existing network of over 6,600 independent financial advisors.
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The company noted these additional financial advisors will offer securities brokerage and investment advice in 238 branch offices though the US.
Lawrence Roth, CEO of RCAP’s retail advice platform, Cetera Financial Group, said, "We are pleased to have completed the acquisition of Summit and welcome the company as the newest member of our retail advice platform.
"Summit’s proven record of success in providing a broad range of securities brokerage and advisory services to retail investors will directly complement our growing retail advice business, while strengthening RCAP’s broader portfolio of best-in-class investment solutions for the mass affluent retail investor."
"As we continue to redefine the conventional retail investing process, Summit, as an important member of our retail advice platform, will allow us to significantly expand our products and services to those investors seeking durable income oriented, interest rate sensitive products, which also seek to furnish capital preservation," Roth added.
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By GlobalDataRCS Capital, the investment banking and capital markets division of Realty Capital Securities, served acted as the financial advisor to RCAP.
