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Author: rafferty

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What Kind of Acquiror Will Advisor Group Be?

18:20 24 August in In the News by rafferty

August 23, 2022 By Diana Britton, WealthManagement.com The firm sees an opportunity for RIAs to leverage its platform capabilities, technology and scale to accelerate growth, CEO Jamie Price says Advisor Group, the network of independent broker/dealers, recently entered the M&A market for registered investment advisors for the first time, with the firm making a minority investment in Signature Estate & Investment Advisors, a Los Angeles-based hybrid RIA, alongside Reverence Capital Partners, the b/d network’s majority owner. Advisor Group CEO Jamie Price says this is the first of many strategic investments in growing RIAs the company plans to make in the coming years. The move is part of Advisor Group’s larger efforts to expand its relationships in the RIA channel. About a quarter of the assets on the firm’s advisory platform, after all, are with independent...

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Embattled brokerage argues SEC copied a FINRA case

14:43 19 August in In the News by rafferty

August 18, 2022 By Tobias Salinger, Financial Planning   Alpine Securities, a brokerage fighting expulsion from FINRA and pursuing legal cases against its last two CEOs, has a new skirmish: A separate SEC matter it says should concern the whole industry. Salt Lake City-based Alpine Securities has gotten mixed results in its lengthy and repeated run-ins with regulators. One affiliate under common ownership prevailed last year over FINRA when the SEC overturned a previous enforcement case. However, the brokerage also coughed up a civil penalty of $12 million because of a federal court's decision in another SEC case accusing the firm of anti-money laundering failures. And a different judge quickly tossed Alpine's lawsuit against FINRA last year alleging that hearings on Zoom violated its rights. Its current SEC and FINRA cases revolve around the company's conduct as a brokerage that clears trades of stock in smaller...

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Advisor Group Raises $500M in Debt for B/D Acquisitions

19:11 11 August in In the News by rafferty

August 10, 2022 By Diana Britton, WealthManagement.com Moody’s assigned a B2 rating to the notes and changed its outlook on the firm from stable to positive, saying the benefits of higher interest rates will offset the additional debt. Advisor Group announced plans last week to issue $475 million in senior secured notes to help fund its acquisitions of American Portfolios Financial Services and Infinex Financial Holdings, a broker/dealer that supports community-based banks and credit unions. “We are raising the funds in advance of closing both acquisitions,” said Jon Frojen, chief financial officer at Advisor Group, in an email. “We’re pleased that the offering was very successful in what has been a challenging market for issuers.” According to a BofA Securities document obtained by WealthManagement.com, the final offering was for $500 million in notes at an interest rate of 8.625%, due in 2027. BofA,...