First Allied Holdings, an independent broker-dealer headquartered in San Diego with 1,000 advisor reps and 500 branches, has agreed to buy Palm Beach Gardens, Fla.-based Legend Financial Group, a company with a background in retirement plan products. The two companies together will have 1,400 advisors and $28 billion in assets under administration.

First Allied emerged from under the wing of Chicago-based Advanced Equities Financial Corp in 2011, aided by private equity firm Lovell Minnick Partners. First Allied president Adam Antoniades said at the time that the company would have more flexibility as a free-standing entity. (Advanced Equities Financial Corp was a venture capital investment bank.) About the new purchase, he says that his firm and Legend have similar cultures.

Among other things, Legend focuses on retirement plans, college savings products and insurance. Legend will continue to operate as an independent business unit in the new regime. The firm consists of Legend Equities Corporation, Legend Advisory Corporation and Advisory Services Corporation.