Securities America Nabs Three Practices from Woodbury-acquired Questar Capital
Securities America has poached three teams of financial advisors collectively overseeing $245 million from Questar Capital, whose assets were acquired by Woodbury Financial Services last year, according to news reports.
Woodbury bought Questar’s assets from Allianz Life Insurance Company of North America in October for an undisclosed sum, after Allianz decided to get out of the broker-dealer business.
In March, Woodbury announced that it had onboarded 86% of the assets from Questar Capital Corporation and Questar Asset Management Inc., as well as more than 400 of the roughly 600 of their representatives.
But the two-advisor practice of Rockledge, Fla.-based Miller & Hurt Wealth Advisors, which oversees $110 million, has left Questar for Securities America, an independent broker-dealer subsidiary of Ladenburg Thalmann, WealthManagement.com writes.
Lincoln, Neb.-based Hill & Associates, whose three advisors oversee $82 million, also left Questar for Securities America, as did Myrtle Beach, S.C.-based Duprez Financial, whose two advisors manage $53 million, according to the web publication.
Securities America has been successful in the past luring advisor teams from broker-dealers undergoing changes in ownership, WealthManagement.com writes. The company added several advisor teams collectively managing billions of dollars from National Planning Holdings after LPL Financial purchased NPH’s assets in 2017.