Well, that didn't take long.
Just a week after agreeing to buy VSR Financial (and a few days after Cetera Financial Group chief executive Larry Roth waxed eloquent about "organic growth"), RCS Capital is acquiring another midsize independent broker-dealer, San Diego-based Girard Securities.
Girard has over $10 billion of assets under administration and 250 producing financial advisors, with average annual production of approximately $210,000 per advisor. In addition to its securities brokerage and investment services, Girard also sells insurance products, including variable and fixed annuities and life insurance.
The firm will continue to operate under its current brand and management team, according to a RCS press release.
The transaction will "immediately strengthen RCAP's revenue stream," RCS president Michael Weil said in a statement.
The deal, coupled with the VSR acquisition, "further demonstrates our commitment to capitalize on external growth opportunities" Weil added.
Roth described the deal in a statement as "another example of an exciting accretive 'tuck-in' acquisition for our retail investment advice platform."
The firm has ties to another IBD in the RCS fold. Richard Woltman, chairman emeritus of Girard's board of directors, co-founded First Affiliated Securities 40 years ago -- and RCS acquired that firm, now known as First Allied Securities, last year.
The RCS announcement says it expect to close the transaction for Girard late this year or early 2015. Terms were not disclosed.
Once Girard and VSR are on board, Cetera will have approximately 9,700 independent retail advisors in its nationwide IBD network, operating under11 brand names.
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