Advisor Group to acquire American Portfolios Financial Services

Phoenix-based Advisor Group Inc. agreed to acquire American Portfolios Financial Services Inc., a Holbrook, N.Y.-based full-service and independent broker/dealer.

After deal closing, American Portfolios Financial will become a member of the Advisor Group network while continuing to do business under its own brand and keeping its operating model.

American Portfolios Financial Chairman, CEO and President Lon Dolber will become vice chairman at Advisor Group, providing counsel and expertise to Advisor Group President and CEO Jamie Price.

American Portfolios Financial supports more than 850 financial professionals in approximately 400 branches across the U.S. who oversee about $40 billion in client assets.