Acquisition of New York-based Broker-Dealer with Approximately $40 Billion in Assets Further Positions Advisor Group as a Leader in the Independent Wealth Management Space and Broadens the Firm’s Nationwide Footprint
Advisor Group, one of the nation’s largest networks of independent wealth management firms announced a definitive agreement to acquire American Portfolios Financial Services, Inc. (“American Portfolios”), a full-service, independent broker-dealer and member firm of FINRA and SIPC.
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Headquartered in Holbrook, N.Y., American Portfolios currently supports more than 850 financial professionals in nearly 400 branches across the country who oversee approximately $40 billion in client assets. Following the completion of the transaction – which is subject to FINRA and other regulatory approvals – the firm will become a member of the Advisor Group network and continue to do business under its own brand and maintain its current operating model.
Upon completion of the deal, Lon T. Dolber, the Chairman, CEO and President of American Portfolios, will join Advisor Group as Vice Chairman, providing counsel and expertise to Advisor Group President and CEO Jamie Price. Mr. Dolber has more than 30 years of wealth management and financial services experience.
This announcement comes after Advisor Group last month announced that it had entered into a deal to acquire Infinex Financial Holdings Inc., the holding company of a privately held broker-dealer that supports banks, credit unions and financial institution-based financial advisors and their clients.
ADVISOR GROUP EXPANDS STRATEGIC GROWTH
“American Portfolios is one of the most well-established firms in its space. Lon and his team have built a distinctive business spanning 22 years. We are honored to partner with them to continue their growth,” Mr. Price said. “This acquisition underscores Advisor Group’s commitment to generating the right type of growth as part of a strategic framework that delivers value to all the entrepreneurial businesses we serve. Over time, we look forward to leveraging our scale and capabilities to better serve American Portfolios financial professionals and their clients.”
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“As we look to the future, we recognize that building scale for the advisors and practices we support will be essential to long-term sustainability. Partnering with Advisor Group will allow us to provide enhanced technology, capabilities and solutions both now and into the future,” Mr. Dolber said. “The opportunity to work with a partner that understands our culture and success in helping our advisors grow and serve their clients well into the future makes good business sense, and we found that with Advisor Group and the backing of Reverence Capital Partners.”
ACQUISITION FOCUSED ON BUILDING SCALE TO INVEST BACK INTO CLIENTS
Founded in 2001, American Portfolios was formed by a group of like-minded independent financial service professionals in private practice dedicated to serving their clients by offering sound financial guidance and solid professional advice. The firm offers 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, tax-free investing and fee-based asset management.
In addition, American Portfolios has a strong commitment to corporate social responsibility (CSR) supported by a broad charitable giving program (both in funding and engagement) that is dedicated to sustainable business practices.
“The similarities in culture and values between Advisor Group and American Portfolios make for a meaningful partnership that puts the financial professional at the center of the equation,” said Greg Cornick, Advisor Group’s President, Advice & Wealth Management. “This acquisition positions us for differentiated growth with partners who are leading in their space by constantly innovating and serving financial professionals with integrity.”
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