Advisor Group Buys $40 Billion Independent Broker-Dealer

From Barron's:

Advisor Group, a network of independent wealth management firms, is buying a smaller rival that has more than 850 financial professionals and approximately $40 billion in client assets, the company said.

“This acquisition underscores Advisor Group’s commitment to generating the right type of growth as part of a strategic framework that delivers value to all the entrepreneurial businesses we serve,” CEO Jamie Price said in a statement. “Over time, we look forward to leveraging our scale and capabilities to better serve American Portfolios financial professionals and their clients.”