Legend will bring its investment services and retirement planning
solutions to First Allied, and The Legend Group of companies will operate as an independent business unit under the First Allied umbrella.
The companies will seek to explore synergies within the
organization, which as a result will likely expand services and programs offered to
advisers and clients. The combined entities will have nearly 1,400 advisers and
$28 billion in assets under administration. The transaction is expected to close in the first quarter of 2013.
“For decades, we have
prided ourselves on providing premium services and support, and we believe this
transaction will further enhance our ability to deliver premier solutions to
our advisers and their clients,” Legend’s CEO, Mark Spinello, said. “Joining First
Allied aligns us with a partner company that shares our independent roots and
our business goals.”