Brokers

Advisor Group buys $30bn bank-focused broker-dealer

Advisor Group is adding another broker-dealer to its network. 

The Reverence Capital Partners-backed company has announced plans to acquire Infinex Financial, a Meriden, Conn.-based broker-dealer that oversees $30bn in client assets. Specific financial terms of the transaction, which is subject to regulatory approval, were not disclosed. 

Infinex offers financial portfolios, insurance services and marketing support to advisors, largely within financial institutions. Its clients include 230 banks and credit unions nationwide, according to Advisor Group. 

‘This acquisition aligns Advisor Group with one of the most widely respected firms specializing in helping financial institutions build and grow successful wealth management programs across the country,’ stated Jamie Price (pictured), president and chief executive of Advisor Group. 

The latest acquisition for the Phoenix-based company comes three months after Price laid out plans to recruit advisors dually registered as broker-dealers to its network. Dual registration has become increasingly common for advisors over the past decade. 

Price projected that M&A will also play a role in the firm’s future growth. When the Infinex purchase closes, Advisor Group will own seven broker-dealers, including Woodbury Financial, Sagepoint Advisors, Triad Advisors, Securities America, Royal Alliance and FSC Securities.

With Infinex’s $30bn in assets, the network would oversee a combined $545bn in client assets. Like other in-network broker-dealers, Infinex will retains its brand name. 

‘Partnering with Advisor Group will allow us to grow our influence and support model while maintaining the value of our firm’s culture, people and position in the marketplace,’ stated Infinex CEO Stephen Amarante.

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