Foothill Securities Welcomes California Financial Advisors To Broker-Dealer Platform
Addition of Independent Advisory Firm with Over $1 Billion in Client Assets Demonstrates Power of Foothill's Advisor-Owned, Service-Focused Model and Culture
Represents First Step Toward Strategic, Advisor-Driven Growth Goals Over Next Five Years
SANTA CLARA, Calif., March 23, 2015 /PRNewswire/ -- Foothill Securities, the financial advisor-owned independent broker-dealer, today announced that California Financial Advisors ("CFA"), an independent financial advisory firm with over $1 billion in client assets under management, has joined its platform. The announcement underscores the compelling value proposition of Foothill Securities to independent financial advisors as a privately-held broker-dealer with few outside shareholders or investors, offering long-term ownership opportunities. Foothill Securities, which celebrated its 50th year in business in 2012, emphasized that its unique advisor ownership structure places the best interests of independent advisors and their clients first and foremost in every aspect of the firm's culture, operations and service model.
Based in San Ramon, CA, California Financial Advisors operates as a hybrid practice serving investors through both fee- and commission-based service models. The eight-advisor firm was founded in 1998 and focuses on developing and implementing comprehensive financial plans for individuals preparing for retirement.
Steve Chipman, President and CEO of Foothill Securities, said, "We are very excited to have California Financial Advisors join the Foothill Securities family. With the complex challenges and industry consolidation they are facing today, independent advisors are increasingly looking for a broker-dealer relationship that offers both stability and total alignment of interests between the advisor and the broker-dealer. We bring all of these attributes to the table, together with a dual layer of ownership for the independent advisor: Ownership in their own practices, and the opportunity for an ownership stake in Foothill Securities over the long term, with the potential for significant simultaneous value creation on both of these levels. The decision by California Financial Advisors to join our platform shows that independent advisors recognize our firm's unique strategy, service culture and ownership structure."
Mark Pitre, Managing Principal of California Financial Advisors, said, "In considering the broad array of broker-dealers in the market, it was crucial to us to find a partner whose culture and goals would adapt to our needs and those of our clients. We wanted to be sure that our broker-dealer's focus would be on us and our practice, not on pressures from outside investors, a broader parent company's corporate goals or an agenda of pushing proprietary products and arbitrary quotas. Foothill Securities understands that advisors are the ones who know best how to operate their practices and serve their clients. We are very happy to have joined a strong, stable partner whose business is built and operated entirely around the goal of advisor service, and we are delighted to be true stakeholders in Foothill Securities."
Mr. Chipman concluded, "With our commitment to serving advisors above all else, outstanding track record of retention and competitive payout rates, Foothill Securities is perfectly positioned to execute on our strategic growth plan of doubling our revenue over the next five years. We believe this growth trajectory will further strengthen the like-minded community of advisor-owners that comprise Foothill Securities and increase opportunities for each of them to pursue their own dreams for their individual businesses. At the same time, this approach will enable us to maintain the unique, service-oriented culture that has attracted these exceptional advisors to our platform in the first place."
About Foothill Securities
Based in Santa Clara, California, Foothill Securities (or "the firm") is a privately-held independent broker-dealer serving independent financial advisors through a multi-custodial hybrid platform that supports both fee- and commission-based revenue models. Founded in 1962, the firm offers advisors an open-architecture product platform which features no proprietary products, minimums or quotas, while providing competitive payout rates. The success of the firm is based on the three key principles of Service, Culture, and Partnership. Foothill Securities is owned by the advisors it serves, and currently supports approximately $6.5B in brokerage and advisory assets as of 12/31/14. For more information, please visit www.foothillsecurities.com.
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SOURCE Foothill Securities
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