Advisor Group, one of the nation’s largest networks of independent wealth management firms, has agreed to purchase American Portfolios Financial Services Inc., a full-service, independent broker-dealer.
Headquartered in Holbrook, New York, 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, 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, chief executive officer, and president of American Portfolios, will join Advisor Group as vice chairman, providing counsel to Jamie Price, Advisor Group’s president and CEO. Dolber has more than 30 years of wealth management and financial services experience.
This announcement comes after Advisor Group last month agreed 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. Infinex has more than 750 financial professionals overseeing approximately $30 billion in client assets.
“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,” 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.”
Founded in 2001, American Portfolios offers a 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.
Advisor Group, a portfolio company of Reverence Capital Partners, serves approximately 9,700 financial professionals who oversee approximately $515 billion in client assets. The network is comprised of FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial, Triad Advisors, and Woodbury Financial Services,