Integrated Advisors Network, a Palos Verdes, Calif.-based RIA with $1.9 billion in AUM, acquired ReDefine Independent Advisors LLC, a fee-based RIA consulting firm specializing in transitioning breakaway wirehouse advisors, the companies recently announced.
Integrated’s platform currently serves over 50 financial advisors representing 30 practices in 13 states, and according to the press release, has benefited greatly from the trend of advisor flight to RIA space.
“We seek to provide network advisors everything but the client," Integrated’s COO Michael A. Young said in the news release. “The advisor owns their practice, attracts their own clients, and delivers advice on their own terms. We handle compliance, end-to-end technology, back office operations, and custodian access. That type of synergistic partnership resonates with advisors.”
As part of the deal, former ReDefine CEO Jason Inglis, an industry veteran with two decades of experience, joins the Integrated’s management team to serve as its president. He will be responsible for developing and implementing Integrated's strategic growth plans, with an emphasis on leading new client acquisition efforts and developing the overall evolution of the firm's brand, the release said.
As head of Denver-based ReDefine, Inglis and the owners and operators of Integrated already had a history of working together before the merger.
“ReDefine had previously placed three advisor groups with Integrated, which is how we started working together,” Inglis said in an email response for comment. “They asked me to join Integrated to help them target wirehouse advisors, [since] I have many connections and years of experience in that space.”
Inglis said that for the most part, Integrated’s current advisor roster had joined from independent RIAs or broker-dealers. While he said the newly merged companies were open to any advisor seeking independence, he said his job as Integrated’s new president was to focus on wirehouse breakaways.
“We simply believe that the wires are losing many good advisors and represent a larger opportunity set,” he said. "Our platform is a perfect fit for financial advisors that want to own their practice and don't want to build out an infrastructure.”
Financial details of the transaction were not disclosed.
Founded in 2014, Integrated Advisors Network LLC provides investment supervisory, asset management, and financial planning services to clients nationwide. As of December 30, the company reported approximately $1.9 billion in client assets under management (AUM).