Securities America Acquires Assets of Wall Street Financial Group
September 26 2016 - 7:00AM
Business Wire
67 advisors of Fairport, N.Y. firm with $2.1 billion of
client assets will become super branch of independent
broker-dealer
Securities America, a wholly-owned subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE MKT: LTS, LTS PrA),
announced today it has completed the acquisition of certain assets
of independent broker-dealer Wall Street Financial Group (WSFG) of
Fairport, N.Y.
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Sixty-seven WSFG advisors with approximately $11 million in
annual gross revenue and $2.1 billion in client assets transitioned
to Securities America. WSFG President and CEO Victoria Bach-Fink
and Vice President D. Robert Anderson will join Securities America
and supervise the branch.
“We are excited to join Securities America,” Bach-Fink said.
“For 22 years, WSFG has been committed to enhancing our advisors’
ability to serve their clients. By joining Securities America, we
can leverage our client-focused approach with industry-leading
resources. As a large OSJ under a leading broker-dealer, we will
gain compliance support, strong technology and important value-add
programs like succession planning, practice management and a full
suite of asset management resources.
“Securities America can provide WSFG’s advisors vital compliance
and fiduciary services,” she said. “Our shared vision of providing
advisors with top-quality resources makes this an ideal
partnership.”
The branch will operate under the name Evolution Financial
Advisors.
“The values and culture fostered by Wall Street Financial Group
closely align with those found at Securities America,” said
Securities America CEO and President Jim Nagengast. “This deal
allows the advisors to maintain the valuable relationships they’ve
built with their leaders and each other while leveraging Securities
America’s infrastructure, technology and practice management
programs to continue their growth and success.”
In the past eight years, Securities America has developed
industry-leading expertise in transitioning large groups of
advisors. With the asset acquisitions of WSFG as well as Foothill
Securities, which the company announced last month, Securities
America will have successfully completed nine transactions,
bringing on board more than 1,000 advisors with approximately
$127.8 million in revenue and about $14.9 billion in client
assets.
“Our proven, sophisticated, multi-departmental approach to the
acquisition process, along with our industry thought leadership
pertaining to the DOL rule and its impacts, have made us a
desirable business partner for firms such as WSFG,” said Gregg
Johnson, Securities America executive vice president of branch
office development and acquisitions.
About Securities America
Securities America is one of the nation’s largest independent
broker-dealers with more than 2,000 independent advisors and $58
billion in client assets.
Securities offered through Securities America, Inc., member
FINRA/SIPC. Advisory services offered through Securities America
Advisors, Inc., an SEC Registered Investment Advisory Firm.
Securities America, Wall Street Financial Group and Evolution
Financial Advisors are separate entities.
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version on businesswire.com: http://www.businesswire.com/news/home/20160926005219/en/
Securities AmericaNatalie Hadley, 402-399-9111 ext. 4606
or 800-747-6111 ext. 4606nhadley@saionline.com
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