Two days after announcing the closing of the Summit transaction, RCS Capital Corporation, often referred to by its ticker symbol, RCAP, has completed another independent broker-dealer acquisition. This time the Nicholas Schorsch entity wrapped up its buyout of J.P. Turner & Company, LLC (JP Turner).
With the closing, RCAP’s network will grow by 323 financial advisors located in 176 branch offices around the country with a heavy concentration in the southeast. As of March 31, 2014, JP Turner advisors managed $4.3 billion in assets for approximately 50,000 clients.
“The completion of the of J.P. Turner & Company acquisition further expands our retail advice platform with a complementary network of experienced financial advisors and value added services,” said Lawrence Roth, Chief Executive Officer of RCAP’s retail advice platform, Cetera Financial Group.
In late April of this year, RCAP completed its acquisition of the Cetera network of broker-dealers, which Roth recently became CEO.
“Our management team and over 300 financial advisors are excited to join RCAP and the Cetera Financial Group family of broker-dealers,” said Tim McAfee, Founding Partner of J.P. Turner. “This transaction will allow us to benefit from RCAP’s scope and scale to deliver greater benefits to our clients, including access to a more diversified portfolio of best-in-class investment solutions. We look forward to supporting RCAP’s mission to bring greater value and a broader suite of investment solutions to the conventional retail investing process.”
Just two days ago, RCAP closed on Summit Financial Group, Inc., adding 324 advisors from 238 branches, mostly in the southeast as well. Summit’s advisors manage $9.4 billion for about 50,000 clients.
Currently, RCAP’s network of advisors totals over 7,100.