Shareholders for Ladenburg Thalmann Financial Services approved the company's merger with Phoenix-based Advisor Group Thursday.
The deal, valued at $1.3 billion, is still subject to regulatory clearances and is expected to close in February. The combined firms would operate a national network of nearly 11,500 financial advisers and manage more than $450 billion in client assets.
In statement, Miami-headquartered Ladenburg Thalmann (NYSE: LTS) said its shareholders "overwhelmingly voted" to approve the merger.
If the deal is approved, the merged company will be led by Advisor Group President and CEO Jamie Price.
Following the transaction, Advisor Group's executive team will include leaders from the current company and Ladenburg. It's unclear whether Ladenburg CEO Lampen will have a role in the combined company.
Advisor Group operates a network of 7,000 financial advisers through subsidiaries FSC Securities Corp., Royal Alliance Associates Inc., SagePoint Financial Inc. and Woodbury Financial Services. The company reports it oversees $271 billion in clients' assets.
Ladenburg operates five independent broker-dealers, including Securities America, Triad Advisors, Securities Service Network, KMS Financial Services and Investacorp. It managed more than $181 billion in client assets as of September 30, according to the company's third quarter earnings report.
This article was originally published on South Florida Business Journal.
