Independent advisor platform Kestra Financial Inc. has completed the acquisition of H. Beck Inc., an independent financial advisor with 600 reps and $2.4 billion in assets under management. As reported by The DI Wire in August, Kestra purchased HBI from Securian Financial Group for an undisclosed sum.
Scott Thorson currently serves as HBI’s interim president and chief operating officer. The company’s management team is actively searching for a new president.
HBI, purchased nine years ago by Securian Financial, will remain an autonomously operated registered investment advisor and broker-dealer servicing the independent advisor community. HBI will not be absorbed into Kestra Financial, and the firm will be managed by its own executive team.
As part of its first order of business, Kestra Financial plans to expand HBI’s technology and operational solutions, the company said.
“Kestra Financial’s investment in next-generation technology, combined with our newfound knowledge-sharing capabilities and enhanced business consulting offerings will create the optimal environment for advisors to grow and flourish in their practices,” said “The benefits of our partnership with Kestra Financial truly underscore our collective mission to empower advisor success.”
As part of the transaction, Securian Financial made a minority investment in Kestra Financial.
Headquartered in Austin, Texas, Kestra Financial was formerly known as NFP Advisor Services before changing its name last year after insurance broker NFP sold a majority stake in the company to funds managed by private equity firm Stone Point Capital. Kestra supports more than 1,700 independent financial advisors and produced revenues of $423 million in 2016.