Wealth Management Enterprise Cites Extensive Financial Advisor Support For Initiative, No Account Repapering Expected
Advisor Group announced its plans to transition from its current multi-brand network model to a single, rebranded entity under a simplified operating structure, according to a press release shared by the company with Wealth Solutions Report.
The release notes that the nation’s second largest independent wealth management enterprise – which encompasses over 11,000 financial advisors – will unify eight wealth management firms currently part of the Advisor Group network into one structure.
“Combining our multiple firms under a single brand will allow us to better serve our financial professionals by offering them access to the full breadth of community and expertise our scale provides without the complexities that multiple legal entities can impose,” said Jamie Price, CEO of Advisor Group, in a press release.
According to the press release, this initiative includes the development of uniform and consistent policies, procedures and technology solutions, in addition to expansion of the company’s solutions to financial advisors.
Currently, Advisor Group encompasses American Portfolios, FSC Securities, Infinex Investments, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services.
Operational Simplification And Rebrand Builds On Segmentation Strategy
The move logically follows Advisor Group’s completion of an organizational realignment earlier this year. Based on that reorganization, the company operates under three distinct channels based on specific advisor business models: Independent advisors, financial institutions-based advisors and RIA firms.
Price notes, “Our current business model has been successful to date, but as the industry landscape continues to evolve, simultaneously maintaining a series of divergent brands no longer supports a best-in-class experience for our financial professionals or their clients.”
Commenting on the rebrand and operational streamlining, Debra Brennan-Tagg, President of BFS Advisory Group and Chair of the National Advisory Board for Advisor Group, said, “For financial professionals in the Advisor Group network, this is going to significantly elevate our experience with the firm.”
“Having the firm singularly focused on our growth and our experience will allow us to partner more easily with them to realize and leverage all of the benefits Advisor Group has the potential to provide.”
No Repapering Expected
Addressing one of the biggest challenges for wealth management enterprises that integrate different business units, Advisor Group emphasizes that no client account repapering is expected for accounts held with the network’s firms, encompassing the company’s brokerage, direct choice and centralized wealth management platforms.
“This is not a repapering event. Because the firms are already part of Advisor Group, we can significantly simplify the financial professional and client transitions by eliminating the complexities that occur in a normal transition,” said Price.
“Moving into one firm is about making it easier for our financial professionals to conduct business and giving them more value through their connection to each other and to our home office. Our goal is to facilitate the most seamless transition possible that will ultimately benefit their businesses.”
Further details about the company’s new brand will be announced in May, according to Advisor Group.
Janeesa Hollingshead, Executive Editor at Wealth Solutions Report, can be reached at editor@wealthsolutionsreport.com.
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