Advanced Equities buys Investors Resources Group

FWR Staff

21 July 2006

Acquisition extends Advanced's reach, improves IRG's products, technology. Chicago-based Advanced Equities Financial Corp. (AEFC) has agreed to buy Vacaville, Calif.-based independent broker-dealer Investors Resources Group (IRG) in a move to extend the reach of its brokerage subsidiaries into Northern California.

The companies have not disclosed the financial details of the transaction, nor are they saying when they expect the deal to be completed.

Better tech

"This acquisition of IRG creates another great addition to our family of AEFC companies," says AEFC president Adam Antoniades, adding that AEFC got a positive response to the merger from IRG brokers who attended a recent AEFC-sponsored technology and practice-management conference.

In fact AEFC's technology, along with a more advanced and varied product-platform, were significant incentives to throwing in with AEFC, according to IRG's CEO John Overholtzer. "We believe our advisors at IRG will benefit greatly from the innovative technology and product advancements of wealth-management initiatives and alternative investments to help us attract high-net-worth clients."

Most of IRG's clients are in Northern California.

San Diego-based First Allied Securities and Chicago-based Advanced Equities Inc. are AEFC subsidiaries, along with Chesterfield, Mo.-based insurance and securities dealer FFP Securities.

First Allied is an independent retail brokerage. Advanced Equities Inc. is that too, as well as a fee-based brokerage platform for advisors who work with high-net-worth clients, and a private-equity firm specializing in late-stage financing to emerging technology companies.

Combined, AEFC's subsidiaries field over 800 financial consultants with about $20 billion in client assets. -FWR