Independent RIA firm Priority Financial Group has chosen Securities America as its new broker-dealer after a seven-year relationship with LPL, Securities America announced on Thursday.
The Arizona-based firm serves as a super Office of Supervisory Jurisdiction, or OSJ, supporting advisors who work for its affiliated credit unions as either employees or independent financial advisors. The advisors it serves collectively manage $1.35 billion in client brokerage and fee-based advisory assets, according to Securities America.
"Securities America stood out because they're financial institution-friendly, large OSJ-friendly and hybrid RIA-friendly," PFG's CEO Mike Prior said in the announcement.
The firm was also impressed with Securities America's flexibility, technology and range of investment products and services it offers at competitive pricing, PFG said.
PFG supports 25 advisors who work for 13 credit unions in Texas, Arizona and California, according to Securities America.
It will be looking to its new broker-dealer to help its affiliated credit unions grow their wealth management programs as well as help PFG add credit unions in new markets to its platform. The firm intends to expand into the Northwest and Southwest regions of the country.
"We look forward to expanding our financial institutions' presence and helping them get where they want to go," Gregg Johnson, Securities America executive vice president of branch office development and acquisitions, said.
Securities America touted its ability to onboard existing large groups of advisors from other broker-dealers as well as through acquisitions and newly formed groups of advisors.
"We wish Priority Financial Group well and respect the firm’s decision to find the best fit for its business," said Lauren Hoyt-Williams, a spokeswoman for LPL. She noted that LPL would continue supporting many of PFG's clients who chose to remain with LPL.
PFG is the third major advisory firm to jump to Securities America from LPL in the past two months.
