Nov 26 Royal Alliance Associates, the New York-based independent broker-dealer owned by American International Group Inc, has expanded its adviser pool with two veteran teams in California and Pennsylvania.
The teams, which managed a combined $555 million in client assets at their old firms, joined Royal Alliance from LPL Financial Holdings Inc and National Planning Corp.
"Our pipeline remains fairly full going into 2013," said Kevin Beard, senior vice president of recruiting at Royal Alliance, in an interview on Monday.
Beard said the bulk of the firm's new recruits have come from other independent firms and smaller regional broker-dealers.
"These are groups that are looking for a boutique-based culture and access to senior management," he said.
In California, advisers Angelo Talebi and Artin Bandari moved to Royal Alliance in mid-November from LPL Financial, where they managed $230 million in client assets. The advisers joined Royal Alliance in Beverly Hills.
In Pennsylvania, advisers Matthew Hanshaw, Taylor Ranker, Alfred Varano and Steven Spong moved to Royal Alliance from National Planning Corp, where they managed $325 million in client assets. They are based in Harrisburg.
Royal Alliance Associates is part of the AIG-owned Advisor Group network, which also includes FSC Securities Corp and SagePoint Financial Inc.