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Securian Tag

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Kestra to Buy H. Beck, Add 600 Reps & Launch Robo

16:04 11 August in In the News by rafferty

August 8, 2017 By Janet Levaux, ThinkAdvisor CEO Poer says seller Securian is not exiting the broker-dealer business, will keep ownership of another BD Independent advisor platform Kestra Financial says it is buying H. Beck, from Securian Financial Group. The groups work, respectively, with about 1,700 and 600 advisors. “The announced transaction puts us over the 2,000 mark in the aggregate,” said Kestra CEO James Poer in an interview. In terms of assets under management at its RIAs, Kestra has $21 billion, while H. Beck has about $2.5 billion. (These figures do not include assets under administration.) “We approached Securian about the organization, and they liked our ideas …,” Poer explained. “We explained that we could provide a great home to and a bright future for H. Beck.” The group, which serves about 1,700 reps, is set...

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Another Insurance Firm Sheds Broker/Dealer

20:42 08 August in In the News by rafferty

August 8, 2017 By Diana Britton, WealthManagement.com Kestra Financial, the independent broker/dealer formerly owned by NFP, has entered an agreement to acquire H. Beck, a firm owned by insurance company Securian Financial Group. The deals adds about 600 advisors and $2.4 billion in client assets to Kestra’s platform. Securian is the latest insurance company to sell a broker/dealer unit. Securian purchased H. Beck nine years ago. The firm still owns Securian Financial Services, its other b/d with 1,200 advisors. “We’ve entrusted this business to Kestra Financial with the intention to increase our focus on our other businesses, including Securian Financial Services, and the expectation that Kestra Financial will be a good steward for the 600-plus advisors affiliated with HBI,” said George Connolly, senior vice president in charge of wealth management at Securian Financial Group,...