Morristown-based Private Advisor Group acquired registered investment adviser firm Investors Financial Group, according to a Thursday announcement.
Financial terms of the transaction were not disclosed.
According to the buyer, IFG was servicing more than $1.86 billion in advisory assets under management as of Dec. 31. IFG will transition its RIA management to Private Advisor Group, in an effort to advance growth and scale for both firms.
Minnesota-based IFG has provided investment advice and wealth management services to private individuals, families and institutional investors.
Comprised of nearly 30 independent advisers and staff, IFG will retain brand autonomy while gaining access to additional practice management resources, business and succession planning, and Private Advisor Group’s community of over 700 advisers.
Principals Timothy Gaarder, Ron Bickford and Richard Anderson said alignment with a firm positioned for growth and with infrastructure in place to enhance the delivery of wealth management strategies was necessary for the long term.
“At IFG, we help investors prepare and plan their legacy, and aligning with Private Advisor Group is the next right step for our firm’s legacy.” Gaarder said. “Transitioning the management of our RIA creates immediate efficiencies and, when you combine that with strong cultural alignment and a foundation for growth, we have strengthened our position to serve our advisers, our investors and our community, now and well into the future.”
Frank Smith, Private Advisor Group’s head of advisor growth, said: “Enabling adviser growth, helping advisers with their own legacy planning and fostering a connected community are key principles that underpin our strategy at Private Advisor Group. This represents a special milestone, as both firms will benefit from the scale and quality of combined resources. We’re thrilled to welcome the IFG team and look forward to fueling the success of our adviser community together.”
