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3 teams with $245M pick Securities America amid IBD turnover

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A shakeout among IBDs has prompted three teams managing a combined $245 million to jump to Securities America from Allianz.

The advisors made the switch after Allianz reached a preferred affiliation agreement with Advisor Group for advisors at its independent broker-dealer, Questar Capital, to join Woodbury Financial Services.

IBDs have been fueling the industry's record consolidation in recent years.
Securities America’s newest additions include: Rockledge, Florida-based Miller & Hurt Wealth Advisors, which manages $110 million in assets; Lincoln, Nebraska-based Hill & Associates, which is responsible for $82 million; and Myrtle Beach, South Carolina-based Duprez Financial, which manages $53 million in client assets.

Securities America will help Duprez Financial “drive the long-term success of our firm,” founder Michael Duprez said in a statement. He was affiliated with Questar for 12 years following a four-year tenure with Allianz Securities, according to FINRA BrokerCheck records.

Like Duprez, Richard Miller and Tony Hurt of Miller & Hurt Wealth Advisors both spent 12 years with Questar. They were previously affiliated for two years with Allianz Securities.

Stephen Hill, president of Hill & Associates, spent six years with Questar following a 12-year association with Woodbury, according to FINRA BrokerCheck records.
After Allianz and Advisor Group announced the Questar-Woodbury deal in October, more than 400 of the roughly 600 advisors chose to join Woodbury.

A few other practices opted to forgo the preferred affiliation arrangement and found new IBDs. And in March, 11 Questar-affiliated advisors also chose to join Securities America instead of Woodbury Financial.

A representative of Advisor Group said that the firm successfully transitioned to Woodbury more than 400 Questar advisors managing 86% of that firm’s assets under management. “We wish the minority of advisors who were not part of this transition all the best,” spokesperson Mitch Manning said in a statement.

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