Two Royal Alliance Teams Merge to Form a California-Based Advisory Firm with $2.5B in Assets
- Northern and Southern California-based advisory teams combine with assistance of Advisor Group's Succession Planning Program
- Advisor Group's succession planning program helped close 100 deals in 2016, with 11 closings in December alone
- Significant investments are being made to expand the program, including additional staff, and a new website to match buyers and sellers across its network
Mar 08, 2017, 08:00 ET
PHOENIX, March 8, 2017 /PRNewswire/ -- Advisor Group, one of the nation's largest networks of independent financial advisory firms comprised of FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial, and Woodbury Financial, today announced the merger of two well-established Royal Alliance firms, with $2.5 billion in total assets. This merger is the latest in a number of deals facilitated by Advisor Group's succession planning program.
The merger between the firms of Shehab Mohammad, President and CEO of NWF Advisory Group Inc., and Wolfgang Remkes, CEO of WHJR Associates, creates one of Royal Alliance's largest OSJs. The new firm will assume the NWF brand.
"There is no question that we are at an inflection point in our industry as more and more advisors want assistance with buying or selling practices," said Advisor Group President & CEO Jamie Price. "In a recent survey of our advisors, 81 percent indicate they have no succession plan in place, and 42 percent plan to retire within 10 years*. We believe that this is an area where we can differentiate our firm while providing a critical resource to advisors."
Advisor Group has found that the number one reason advisors cite for not having a plan in place is difficulty finding the right successor, followed closely by a lack of understanding of deal structure mechanics. To address these challenges, the firm is investing in a new website that will help both buyers and sellers locate potential partners. The site will enable advisors to utilize filtering functionality to refine their search and then begin conversations in an anonymous manner before taking the next step. In addition, the site will provide advisors access to in–depth resources such as sample deal structures, valuation models, legal documents, case studies and financing options. These services will compliment and help scale Advisor Group's current offering.
"From the beginning, this partnership had a lot of synergies, and I couldn't be more excited about the outcome," said Mohammad. "I look forward to focusing on the enhanced resources our newly combined firm can offer to growth-minded advisors as well as their clients. Our focus is squarely on helping to drive the organic growth of our firm, while also remaining open to strategic opportunities to grow through acquisition. "
"We were thrilled to be able to facilitate the merging of these two firms," said Advisor Group Senior Vice President of Succession Planning & Business Acquisition, Todd Fulks. "Advisor Group has a sophisticated understanding of the succession planning process, and we are excited to see the increasing demand for our services, as well as the results of our efforts reflected in deals like this."
"I believe that Advisor Group's capabilities in matching, facilitating and closing deals are the most robust in the industry," said Remkes. "We were looking for assistance with a complicated succession planning scenario, and are very pleased with the support we received from Advisor Group which likely saved me at least $10,000 in professional fees and costs. I am excited to be part of this merger and to leverage our combined scale to provide additional services and resources to our advisors."
For media inquiries regarding this press announcement, or to speak to an Advisor Group spokesperson, please contact: [email protected]
[*According to Advisor Group's 2016 Advisor Succession & Acquisition Survey Results]
About Advisor Group
Advisor Group Inc. is one of the nation's largest networks of independent financial advisors serving over 5,000 advisors and overseeing approximately $160 billion in client assets. Headquartered in Phoenix, AZ, the firm is mission-driven to support the heroic role that advisors can play in the lives of their clients, offering securities and investment advisory services through its subsidiaries FSC Securities Corp., Royal Alliance Associates Inc., SagePoint Financial Inc. and Woodbury Financial Services Inc, as broker/dealers, registered investment advisors and members of FINRA and SIPC. Cultivating a spirit of entrepreneurship and independence, Advisor Group champions the enduring value of financial advisors and is committed to being in their corner every step of the way.
For more information, please visit www.advisorgroup.com
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SOURCE Advisor Group Inc.