Scarborough Capital Management, an Annapolis, Md.-based hybrid RIA and broker-dealer with $875 million in assets under management, has switched B/D affiliates, moving to the Independent Financial Group and leaving broker-dealer SII Investments.
SII Investments was acquired by LPL Financial last August along with parent company National Planning Holdings Inc.
Scarborough is a team of 10 advisors and eight office support staff, led by managing partners Greg Ostrowski, Ian Arrowsmith, Jay Sprinkel, Ryan Ansted and Shawn Walker.
“We did a pretty exhaustive search of broker-dealers,” said Ostrowski. “IFG’s nimbleness and size compared to the big box store model was attractive to us.
“We were looking for the family-focused culture that we had with SII for the last decade,” he added. “That’s the partnership we want to set up for the future and we’ve found that in IFG.”
“We’re honored to have the Scarborough team join the IFG family,” said David Fischer, IFG’s managing director and chief marketing officer. Scarborough, he said, “selected IFG as their broker-dealer because both our personal values and business philosophies align.”
He added, that consolidation is “plaguing our industry, undermining both independence and advisor happiness. We understand this and that’s why we continue to bring advisors like these on board.”
“IFG will never compromise on service for size,” Fischer said.