Advisor Group CEO Opens Up About Reverence Deal, Brown’s Departure
May 15, 2019 by Janet Levaux
Advisor Group CEO Jamie Price had quite a week, wrapping up the sale of the 75% of the firm to private-equity group Reverence Capital Partners from Lightyear Capital, PSP Investments and others.
After Thursday’s announcement, Price answered questions on Friday about the deal and shared his thoughts on what it means for the company he leads, which includes FSC Securities, Royal Alliance Associates, SagePoint Financial and Woodbury Financial Services, and what its says about the independent broker-dealer industry.
Recruiters like Jon Henschen, of course, are following the sales process closely. “The Advisor Group advisors have grown accustomed to receiving retention bonuses with the ownership changes they’ve experienced,” Henschen said. But given that some recent PE purchasers of other IBDs did not offer retention bonuses to advisors, he is skeptical about what the latest deal means for them.
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