ON THE MOVE-Royal Alliance adds team with $230 mln in assets
Jan 8 (Reuters) - Royal Alliance Associates, the New York-based broker-dealer owned by American International Group Inc, has expanded its adviser force with a veteran team that joined the firm in Ohio.
Advisers Sherri Stansbury and Carey Stansbury moved to Royal Alliance from Houston-based Next Financial Group Inc, where they managed $230 million in client assets.
The advisers, based in Toledo, Ohio, together run the independent practice, Informative Financial Services. They are joined by adviser Bill Harris. The team together had annual revenue production of $1.6 million last year.
Royal Alliance Associates is part of the AIG-owned Advisor Group network, which also includes FSC Securities Corp and SagePoint Financial Inc.
Royal Alliance's senior vice president of recruiting, Kevin Beard, told Reuters in November that the bulk of the firm's new recruits have come from other independent firms and smaller regional broker-dealers.
The firm last year added at least five veteran adviser teams that together managed more than $1.5 billion in client assets at their old firms, based on moves tracked by Reuters.