Royal Alliance Associates said late Tuesday that a group of 50 independent advisors, with $1.4 billion in assets and some $8 million in yearly fees & commissions, has just affiliated with it.
Savage & Associates of Toledo, Ohio, which previously used Walnut Street Securities as its broker-dealer, cited Royal’s technology, service and open-architecture platform as key reasons for the move, says the independent broker-dealer, which is part of the AIG-owned Advisor Group.
The Savage news comes about three months after Royal Alliance added two independent teams in Chicago and Salt Lake City with combined assets of more than $400 million and nearly $3.5 million in yearly fees and commissions. Overall, Royal Alliance has close to 2,000 affiliated advisors with total assets under management of about $45 billion.
“We have strong momentum in a still challenging recruiting environment,” said Kevin Beard, senior vice president of recruiting with Royal Alliance, in a statement. “Savage & Associates is the largest single group we have brought on in 2013, but we have been affiliating quality advisors and OSJs all year, and we have a strong pipeline of recruits looking to join us in the second half.”
Savage & Associates was founded in 1957. It now has offices across Ohio and an affiliate, e3Financial, in Newport Beach, Calif. According to Royal Alliance, Savage & Associates has a strong reputation for educating its clients while meeting their financial-planning needs. In addition, the group does work in benefits and insurance, custom-employee benefits packages, and retirement products and services.
“We were looking for a partner that not only had the resources and technology to support our business, but also had a true open-architecture philosophy that would allow us to run our firm and take care of our clients as we feel best,” said Savage & Associates President and CEO J.R. Toland, in a statement. “We decided early on that Royal Alliance was the perfect fit for us.”
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