After PE deal, Advisor Group pays advisors $50M ‘thank you’ award
August 21, 2019 by Tobias Salinger
Financial advisors who stayed with Advisor Group as it changed hands twice in four years will reap the rewards of their loyalty to the tune of $50 million in awards from the firm.
“We wanted to do something for them to say thank you,” says Advisor Group CEO Jamie Price.
The independent broker-dealer network’s new majority owner, private equity firm Reverence Capital Partners, closed the acquisition of its stake in Advisor Group earlier this month. It’s the largest M&A deal of the year across wealth management in terms of Advisor Group’s $272 billion in client assets and the reported price tag of more than $2 billion.
For the network’s advisors, the deal yielded the thank-you awards, a yearlong net new asset program and, in some cases, company stock.