First Allied has entered into an agreement to acquire The Legend Group, a Florida-based provider of investment services and retirement planning solutions.
Consisting of Legend Equities Corporation, Legend Advisory Corporation and Advisory Services Corporation, The Legend Group of companies will operate as an independent business unit under the First Allied Holdings umbrella.
Subject to customary approvals, the transaction is expected to close in the first quarter of 2013.
Joel Marks, chairman of First Allied Securities, says: “Legend has an incredible team of experienced financial professionals, a strong brand, and a focused business model that complements First Allied’s existing business. Growing together and sharing best practices will open up new opportunities and will enable us to better serve our advisers and their clients.”
Mark Spinello Legend’s chief executive, says: “For decades, we have prided ourselves on providing premium services and support, and we believe this transaction will further enhance our ability to deliver premier solutions to our advisors and their clients. Joining First Allied aligns us with a partner company that shares our independent roots and our business goals.”
The Legend Group will continue to operate under its current brand as a standalone, sister company to the existing First Allied entities. The companies will seek to explore synergies within the organisation, which will likely translate to an expansion of services and programmes offered to advisers and clients. The combined entities will have nearly 1,400 advisors and USD28bn in assets under administration.