Advisor Group is poised to significantly boost its presence in the financial institution space with the acquisition of institutions-focused broker-dealer Infinex Financial Holdings.

Founded in 1993, Meriden, Connecticut-based Infinex primarily works with banks, credit unions and financial institution-based financial advisors and their clients, according to Advisor Group. Infinex has over 750 financial professionals overseeing around $30 billion in client assets and works with over 230 community-based bank and credit union programs with clients across all 50 states, Advisor Group says.

"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,” Advisor Group president and chief executive officer Jamie Price said in the announcement.

Advisor Group didn’t disclose the financial terms of the deal, which is still subject to Financial Industry Regulatory Authority and other approval.

As part of the transaction, 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.

Earlier this month, Advisor Group appointed a new chief compliance officer for its investment advisory unit as well as a new executive vice president of corporate strategy to oversee the company’s planned growth, as reported.

Advisor Group’s network includes FSC Securities, Royal Alliance Associates, SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services, which together represent around 9,700 financial advisors overseeing more than $515 billion in client assets as of the end of 2021, the company says.

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