Home News Steve Chipman Joins Advisor Group to Lead Broker-Dealer Acquisition Initiative

Steve Chipman Joins Advisor Group to Lead Broker-Dealer Acquisition Initiative

Advisor Group, one of the nation’s largest broker-dealer networks, is looking to expand its footprint by acquiring smaller independent broker-dealers in light the Department of Labor’s fiduciary rule, which is scheduled to begin implementation on April 10th.

To implement its growth strategy, the company has appointed Steve Chipman as senior vice president of strategic acquisitions. In this role, he will work with president and CEO Jamie Price and the firm’s four presidents to lead the strategic planning process for all broker-dealer acquisitions.

“As compliance and technology costs continue to rise, firms without scale are challenged to invest in the discretionary initiatives that are critical to maintain the competitiveness of their offering,” said Price. “Steve is the right person to help us identify and partner with these firms and give them the freedom to focus on growing their businesses.”

With scale, resources and a strong capital base, Advisor Group believes it is uniquely positioned to help broker-dealers maintain their individuality while being a part of one of the largest platforms in the industry.

“With the continued heightened regulatory environment and impending DOL implementation, now is great time to evaluate how best to seize the opportunities that will be available to firms that are well positioned for such change. Vibrant culture is what compels advisors to stay,” remarked Chipman.

He added, “I am excited to help establish a dialogue with these firms and partner with them to maintain their unique cultures while giving them access to industry-leading products, technology and compliance support to enable them to do what they do best – foster their close advisor relationships and help their advisors grow.”

Before joining Advisor Group, Chipman spent more than 10 years as the president and CEO of Foothill Securities, a 50-year-old broker dealer based in Silicon Valley and Phoenix with 245 financial advisors. He previously served as a director at Pershing where he helped lead the Pershing Western Region relationship management group. In 1991, Chipman served as president and CEO of Norcross Securities, a full service investment brokerage and advisory firm based in Phoenix.

Last week, The DI Wire reported that Advisor Group launched a new DOL-compliant platform and kicked off a 19-city roadshow where executives will meet with the firm’s advisors to share specifics about the new platform.

Chipman earned his bachelor’s degree in finance from the University of Massachusetts – Amherst, and attended the Wharton School. He was a member of the industry board of directors of the Financial Service Institute, and served on the District One FINRA committee for six years. Additionally, he served on the FINRA regulatory advisory council, and the SIFMA membership committee. He holds his Series 7, 24, 63, and 65, and brings 30 years of experience to the position.

Chipman will report directly to Jeff Auld, the president and CEO of SagePoint Financial.

Advisor Group, comprised of SagePoint Financial, FSC Securities Corporation, Woodbury Financial and Royal Alliance, oversees approximately $160 billion in client assets.

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