Ft. Lauderdale, Fla.-based Kovack Securities announced on Wednesday that a Miami-based boutique broker-dealer will become a “strategic partner” as an affiliated independent office of supervisory jurisdiction.
Capital Guardian, LLC has already dissolved its own broker-dealer platform to become a “super-OSJ” of Kovack Securities for all future brokerage activities.
All of Capital Guardian’s 35 advisors continue to conduct financial planning through the firm’s RIA, Capital Guardian Wealth Management, which will retain its current ownership structure and brand. These advisors will now be able to access Kovack Securities platforms and solutions as part of their fee-nased services.
Capital Guardian will consolidate its operations to its Miami headquarters.
Capital Guardian is the most recent broker-dealer to wind down operations and join Kovack as a super-OSJ. Earlier this year, Santa Barbara, Calif.-based TKG Financial dissolved its broker-dealer platform and transferred its advisors to Kovack Securities and its RIA platform, Kovack Advisors.
Kovack Securities ranked No. 50 in Financial Advisor’s 2017 Broker-Dealer Ranking, reporting $8.3 billion in AUM and 390 representatives producing $65.4 million in revenue.
With the addition of Captial Guardian’s assets, Kovack Securities now supports approximately $10 billion in total advisory and brokerage client assets.