Sound Income Group is a new financial services firm comprised of three subsidiaries that has been created to provide advisors with a range of services, including wealth management, the founder, David Scranton, announced recently.
The subsidiaries were pre-existing companies that will now operate under the holding company, Sound Income Group.
The new Fort Lauderdale, Fla.-based firm is a diversified financial services company with about $1.7 billion in total assets under advisement that was created as an income-focused wealth management platform for independent financial professionals, Scranton said in a statement.
Sound Income Group is comprised of three full-service firms offering marketing, coaching, practice management, investment services, and franchise opportunities for the financial community.
The firm is made up of Sound Income Strategies, the Retirement Income Store and Advisors’ Academy. The subsidiaries will work together “to enable each business to accelerate its capabilities in supporting independent financial professionals with the mission of delivering customized income solutions and resources to investors across the country,” the new firm said.
In a related move, Sound Income Group announced the hiring of senior wealth management executives “to advance the company’s strategic growth plans in capturing the enormous opportunities in an investing environment increasingly focused on the pursuit of yield,” the firm said.
Patrick Farrell has been hired as president of Sound Income Group. Farrell is a 35-year veteran of the financial services industry who previously held the titles of CEO, president, chief operating officer and chief financial officer at Investacorp, which is owned by Advisor Group.
Rana Chander has been hired as chief operating officer for Sound Income Strategies and chief technology officer for Advisors’ Academy. He has more than 20 years of wealth management experience and was previously chief operating officer and chief information officer for Investacorp. Prior to that he was vice president of global database technology for Merrill Lynch.
Each of the three subsidiaries has a different role.
Sound Income Strategies is an independent, fee-based RIA. The firm is a turnkey advisory support platform. It also offers its income advisory solutions as a third-party asset manager to wealth management firms that want to deliver income strategies to their financial professionals, Sound Income Group said.
The Retirement Store allows financial advisors to provide personal retirement planning services to clients through a franchise model that offers its franchisees a regional market, turnkey marketing programs and support tools and resources to grow their businesses, Sound Income Group said.
The Advisor’ Academy supports independent annuity producers by consolidating their work on one platform while delivering customized coaching, mentorship and growth strategies, the company said. Advisors’ Academy helps advisors obtain their series 65, teaches them how to manage fixed income and other income-generating investments and educates them on best practices for marketing and closing new business, Sound Income Group said.