Priority Financial Group, which has $1.35 billion of client brokerage and advisory assets, is joining Securities America’s hybrid RIA platform, Securities America announced Thursday.
Priority, a super-OSJ that was with LPL, serves 25 advisors working with 13 credit unions in Texas, Arizona and California. It is a privately held firm that is majority owned by its senior leadership team with Mike Prior iserving as CEO and Jim Norwood as president.
Securities America, one of the nation’s largest independent broker-dealers, supports 2,200 financial advisors across the country. Prior says the firm appreciated its time with LPL, but "Priority has a specific future growth strategy that’s based on our unique business model, which blends the best features of being both a Super-OSJ and a hybrid RIA, together with a laser focus on supporting credit union-based wealth management programs and their financial advisors."
"We looked at a large number of firms nationally to partner with, but it became apparent in our exploration process that Securities America provides the best combination of service, technology, and flexibility," Prior says. "Also, Securities America provides an incredibly personalized service culture that, frankly, made our leadership team, advisors and institutions feel immediately at home."
Priority specializes in credit unions in part because of Prior's history in the financial industry.
"I’ve personally been involved with supporting credit unions and their wealth management programs in multiple ways since the early days of my career, nearly 20 years ago," Prior says. "I served on the supervisory committee of my credit union for years and began to realize that many credit unions did not offer wealth management services or were struggling with their broker-dealer or advisor. As a consultant, I was able to help them turn their program around through innovation marketing and sharing best practices."
"At its core, the credit union model is all about providing financial solutions to its members, who tend to be from Main Street American households," he adds.