Shareholders Service Group (SSG), a brokerage and custodian firm for independent registered investment advisors, today announced it signed an agreement to buy the brokerage business of EAInvest Securities.

Based in San Diego, SSG currently serves 400 RIAs with total assets of about $1.5 billion. The pending deal with EAInvest, a broker-dealer in San Ramon, Calif., will add 14 RIAs and nearly $100 million in assets.

"We both serve the same, small marketplace of fee-only, independent RIAs," says Peter Mangan, SSG's president and CEO. "We're gaining new relationships with financial advisors and their clients, and we can take over their brokerage and custody role without much disruption."

The conversion of assets is expected to be completed within 45 days. Mangan says the deal is a referral arrangement where the final purchase price depends on the amount of business transferred to SSG after 45 days.