Remember all those people who said advisors were stampeding out of Securities America? Turns out at least a few advisors are actively choosing to affiliate with the firm instead.
A six-advisor team in Bismarck, North Dakota has jumped from AXA to a nearby Securities America shop based in Saint Louis Park, Minnesota.
They managed $200 million for 1,000 clients and expand their new firm's geographical footprint into something approaching a regional wealth management company.
Despite grousing in the industry press that Securities America was doomed, these successful advisors chose to affiliate anyway. Maybe they know something the recruiters hoping to slice reps out of Securities America didn't.
As the leader of the breakaway group says, they wanted "broader product offerings, money managers, and superior technology," which their new Securities America relationship can provide.
Meanwhile, Securities America itself is still for sale.
Paradoxically, success in recruiting may clear up a bit of the "distressed" aura around the firm that's reportedly been keeping potential buyers at arm's length.