Private Advisor Group says it has acquired the registered investment advisor firm Investors Financial Group.

Founded more than a decade ago, Minnesota-based IFG offers investment advice and wealth management services to individuals, families and institutional investors and managed more than $1.86 billion as of the end of 2021, according to Private Advisor Group.

As part of the deal, IFG’s nearly 30 advisors and staff have been invited to join Private Advisor Group, while IFG will keep its “brand autonomy,” the company says.

IFG principals Timothy Gaarder, Ron Bickford and Richard Anderson decided that it was necessary to align with another firm “to enhance the delivery of wealth management strategies for the long-term," according to Private Advisor Group.

IFG and Private Advisor Group are both affiliated with LPL Financial as their broker-dealer, and LPL served as the mergers and acquisitions consultant on the deal.

The companies didn’t disclose the financial terms of the deal.

Founded in 1997 in Morristown, New Jersey, Private Advisor Group now has more than 700 advisors overseeing more than $30 billion in client assets, the company says.

In December, the firm received a minority investment from private equity firm Merchant Investment Management, as reported.

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