Family Office
Advanced Equities buys Investors Resources Group
Acquisition extends Advanced's reach, improves IRG's products,
technology. Chicago-based Advanced Equities Financial Corp.
(AEFC) has agreed to buy Vacaville, Calif.-based independent
broker-dealer Investors Resources Group (IRG) in a move to extend
the reach of its brokerage subsidiaries into Northern
California.
The companies have not disclosed the financial details of the
transaction, nor are they saying when they expect the deal to be
completed.
Better tech
"This acquisition of IRG creates another great addition to our
family of AEFC companies," says AEFC president Adam Antoniades,
adding that AEFC got a positive response to the merger from IRG
brokers who attended a recent AEFC-sponsored technology and
practice-management conference.
In fact AEFC's technology, along with a more advanced and varied
product-platform, were significant incentives to throwing in with
AEFC, according to IRG's CEO John Overholtzer. "We believe our
advisors at IRG will benefit greatly from the innovative
technology and product advancements of [First Allied Securities]
and [Advanced Equities Inc.], which will offer tremendous value
to the clients we serve," he says. "Our advisors visited with
First Allied and are very enthusiastic about the opportunities
ahead; in particular, we look forward to taking advantage of
[First Allied's] wealth-management initiatives and alternative
investments to help us attract high-net-worth clients."
Most of IRG's clients are in Northern California.
San Diego-based First Allied Securities and Chicago-based
Advanced Equities Inc. are AEFC subsidiaries, along with
Chesterfield, Mo.-based insurance and securities dealer FFP
Securities.
First Allied is an independent retail brokerage. Advanced
Equities Inc. is that too, as well as a fee-based brokerage
platform for advisors who work with high-net-worth clients, and a
private-equity firm specializing in late-stage financing to
emerging technology companies.
Combined, AEFC's subsidiaries field over 800 financial
consultants with about $20 billion in client assets. -FWR
.