(Dow Jones) Five independent financial advisory firms have affiliated with Fusion Advisor Network and National Financial Partners Securities Inc., saying they were attracted to the groups' practice management and broker-dealer capabilities.
The newly added firms are Gartenhaus Financial Group, Flowers & Zellers Financial Advisors, Cornerstone Investment Advisors, Craig and Treff Financial Services, and Flower & Desiderio Financial Group. The firms have more than $3 million in combined revenues and were part of a larger advisor-formed holding company called the Medallion Group.
"This gives us growth and continues to increase our size, which continues to increase our resources," says Fusion President Philip Palaveev. ?
The additions brings to 125 the number of advisory firms affiliated with Fusion, whose revenues are about $53 million and assets under management around $7 billion, Palaveev says.
Fusion provides consulting services to its network of advisory firms in areas such as marketing, technology, business management, human resources and succession planning. In return, firms pay about 5% of their revenues to Fusion, Palaveev says. ?
Through a strategic partnership, NFP Securities--a subsidiary of National Financial Partners Corp.--provides brokerage services for Fusion-affiliated advisory firms.
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