Broker Check

Acquisition of Infinex Financial Holdings

Acquisition of Financial Institution-Focused Broker-Dealer with over $30 Billion in Assets Positions Advisor Group to Align Industry-Leading Resources with Bank and Credit Union-Based Financial Advisors and Clients Across the Country

PHOENIX, May 19, 2022 – Advisor Group, one of the nation's largest networks of independent wealth management firms, today announced a definitive agreement to acquire Infinex Financial Holdings, Inc. (“Infinex”), the holding company of a privately-held broker-dealer. Infinex, which has a primary focus on supporting banks, credit unions and financial institution-based financial advisors and their clients, has more than 750 financial professionals overseeing approximately $30 billion in client assets. The firm currently supports more than 230 community-based bank and credit union programs with clients in all 50 states.

The acquisition has been purposefully structured to create a seamless transition for Infinex's financial institution partners, affiliated financial advisors and their clients, with no restructuring or repapering of accounts necessary.

Following the completion of the transaction, which is subject to FINRA and other regulatory approvals, Infinex will become a member firm in the Advisor Group network of firms, and remain under its own distinct brand, highly successful executive leadership team and unique operating model. Infinex President and CEO Stephen Amarante will join Advisor Group’s Executive leadership team, lending his deep expertise in the institutional space to the Advisor Group Executive Committee.

Advisor Group Expands Multi-Channel Leadership

"This acquisition aligns Advisor Group with one of the most widely respected firms specializing in helping financial institutions build and grow successful wealth management programs across the country,” said, Advisor Group President and CEO Jamie Price. “By joining forces with Infinex, Advisor Group becomes a multi-channel industry leader with a significant presence across the financial institution space, a distinct industry channel with over $1 trillion in assets. We are honored that Infinex has chosen to partner with us and look forward to supporting the growth of financial institutions, financial advisors and the clients they support."

Stephen Amarante said, " As we developed our forward strategic vision, we recognized that driving further scale in the financial institution channel is critical to serving our clients and to achieving a sustainable, premier service experience. Partnering with Advisor Group will allow us to grow our influence and support model while maintaining the value of our firm’s culture, people and position in the marketplace.”

Robust Growth as Last Pure-Play Financial Institutions-Focused Firm

Founded in 1993 and headquartered in Meriden, Connecticut, Infinex has thrived over the past three decades due to its unwavering commitment to enhancing the client experience by providing personalized support and building long-lasting relationships with banks, credit unions and their advisors.

The firm offers leading-edge technology via a proprietary platform, in-field relationship management support focused on program growth, results-driven wealth and life insurance services, and practice management solutions focused on marketing and referral generation.

The combination of Infinex with Advisor Group is expected to empower the financial institution-focused firm's already robust year over year growth, as reflected in its compounded annual GDC growth rate of approximately 10%, and total client asset growth of approximately 17% over the last two years.

“Above all else, Advisor Group is focused on generating the right type of growth – Growth that creates further significant investment in solutions and services for the businesses we serve, and that aligns with our culture and values,” said Greg Cornick, Advisor Group's President, Advice & Wealth Management. “With the acquisition of this marquee franchise, we have expanded our reach into a key channel with a true partner who is leading the field in this space. It’s an exciting time to be part of Advisor Group, and we welcome Infinex to the family.”

About Advisor Group

Advisor Group, Inc., a portfolio company of Reverence Capital Partners, is the nation's largest network of independent wealth management firms, serving approximately 9,700 financial advisors and overseeing approximately $515 billion in client assets (based on end-of-year data, 2021). The firm is mission-driven to support the strategic role that advisors can play in the lives of their clients. 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.

About Infinex Financial Group

Infinex is an independent broker-dealer focused on serving the investment, insurance and wealth management needs of financial institutions. Currently, Infinex supports over 230 community-based programs and more than 750 financial professionals. The firm, headquartered in Meriden, Conn., with offices in Windsor, Calif., and Midlothian, Va., has a unique history of being formed by financial institutions and owned by financial institutions. To learn more about Infinex Financial Group, visit infinexgroup.com.

Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of principal.

About Reverence Capital Partners

Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets, and (5) Financial Technology/Payments. The firm was founded in 2013 by Milton Berlinski, Peter Aberg, and Alex Chulack, who collectively bring over 100 years of advisory and investing experience across a wide range of financial services sectors. For more information, please visit reverencecapital.com.

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