PHOENIX, AZ / AGILITYPR.NEWS / November 14, 2022 /
Transaction Achieves 98% Advisor Retention Rate of New York-based Broker-Dealer with Approximately $40 Billion in Assets
Advisor Group, one of the nation's largest networks of independent wealth management firms, today announced the close of the acquisition of the Holbrook, New York-based American Portfolios Financial Services, Inc. ("American Portfolios").
Advisor Group’s network of firms also includes FSC Securities, Infinex Financial Holdings, Royal Alliance Associates Inc., SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services.
Nearly all, 98%, of the more than 850 financial professionals in nearly 400 American Portfolios branches across the country transitioned to the Advisor Group network. American Portfolios, which oversees approximately $40 billion in client assets, will continue to operate under its own brand and maintain its current operating model.
Lon T. Dolber, American Portfolios' Chairman, CEO and President, has joined Advisor Group as Vice Chairman. He reports to Advisor Group President and CEO Jamie Price.
"We are thrilled to welcome American Portfolios' advisors to the Advisor Group community. The successful close of this partnership is a testament to the cultural and corporate alignment between our two firms, and the incredible leadership of Lon and his team.” Mr. Price said. “We are committed to consistently delivering enhanced value to our new clients and the existing 10,000+ advisors, who count on us every day to help them best serve their clients and grow and protect their businesses.”
The American Portfolios transaction follows Advisor Group's acquisition of Infinex Financial Holdings, an independent broker-dealer catering to banks, credit unions and financial institution-based financial advisors. That transaction closed in October.
About Advisor Group
Advisor Group, Inc., a portfolio company of Reverence Capital Partners, is the nation's largest network of independent wealth management firms, serving approximately 9,700 financial professionals and overseeing approximately $515 billion in client assets*. The firm is mission-driven to support the strategic role that financial professionals can play in the lives of their clients. Cultivating a spirit of entrepreneurship and independence, Advisor Group champions the enduring value of financial professionals and is committed to being in their corner every step of the way. For more information visit https://www.advisorgroup.com.
Securities and investment advisory services are offered through the firms: FSC Securities Corporation, Royal Alliance Associates, Inc., SagePoint Financial, Inc., Triad Advisors, LLC, and Woodbury Financial Services, Inc., broker-dealers, registered investment advisers, and members of FINRA and SIPC. Securities are offered through Securities America, Inc., a broker-dealer and member of FINRA and SIPC. Advisory services are offered through Arbor Point Advisors, LLC, Ladenburg Thalmann Asset Management, Inc., Securities America Advisors, Inc., and Triad Hybrid Solutions, LLC, registered investment advisers. Advisory programs offered by FSC Securities Corporation, Royal Alliance Associates, Inc., SagePoint Financial, Inc., and Woodbury Financial Services, Inc., are sponsored by VISION2020 Wealth Management Corp., an affiliated registered investment adviser. Advisor Group, Inc. is an affiliate of these firms. 20 E. Thomas Rd., Ste. 2000, Phoenix, AZ, 85012. 866.481.0379.
*Based on end of year 2021 data
About American Portfolios
Headquartered in Holbrook, New York, American Portfolios Financial Services, Inc. (APFS) is a full-service, independent broker/dealer and member firm of FINRA and SIPC, offering a complete range of financial services, including personal financial and retirement planning, securities trading, mutual funds, access to investment research, long-term care planning, insurance products and tax-free investing. Fee-based asset management is offered through its sister subsidiary, American Portfolios Advisors, Inc., (APA), an SEC Registered Investment Advisor. Both entities reside under the legal entity American Portfolios Holdings, Inc. (APH). Full-service securities brokerage is available through a clearing firm relationship with Pershing, LLC, a BNY Mellon firm, the securities of which are held on a fully disclosed basis. The company supports independent investment professionals—inclusive of registered assistants and non-registered associates—throughout the nation. The company also consists of the American Portfolios Foundation, Inc. (APF), a 501(c)(3) not-for-profit organization that advances awareness, assistance and support for charitable causes. For more information, visit www.americanportfolios.com.
American Portfolios has numerous recognitions by a number of industry publications and organizations. Such acknowledgment includes: multiple Broker-Dealer of the Year* (Division III) wins by Investment Advisor magazine; multiple ThinkAdvisor LUMINARIES** awards; multiple finalist and award wins by WealthManagement.com Industry Award in multiple categories***; Corporate Citizen of the Year by Long Island Business News; multiple top placements as one of the Best Companies to Work for in the state of New York by the New York State Society for Human Resources Management (NYS-SHRM) and the Best Companies Group (BCG); and one of the Top Long Island Workplaces.
* Based on a poll of registered representatives conducted by Investment Advisor magazine. Broker/dealers rated highest by their representatives are awarded “Broker/Dealer (B/D) of the Year.”
** ThinkAdvisor LUMINARIES are selected by a distinguished and diverse panel of judges from across the advice industry, as well by the Investment Advisor editorial team.
*** Wealthmanagement.com Industry Award finalists are selected by a panel of independent judges made up of subject matter experts in the industry. Award is based on support provided to AP’s affiliated people and does not reflect public customers nor their account performance.
About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets, and (5) Financial Technology/Payments. The firm was founded in 2013 by Milton Berlinski, Peter Aberg, and Alex Chulack, who collectively bring over 100 years of advisory and investing experience across a wide range of financial services sectors. For more information, please visit www.reverencecapital.com.
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