Securities America To Absorb Advisers From Equitas America

Independent broker-dealer Securities America Financial Corp. plans to absorb a group of advisers from Equitas Financial Advisors Inc.

Grand Rapids, Mich.-based Equitas Financial's broker-dealer, which will cease operations, has 45 advisers with nearly $500 million in assets. Securities America, which is based in La Vista, Neb., will absorb some of those as independent advisers, but doesn't know how many at this time, a spokeswoman for the company said.

Securities America is a unit of Ameriprise Financial Inc. (AMP).

InvestmentNews reported the news earlier Thursday.

Bryce Hemker, who has been with Equitas, will be the branch manager for the group within Securities America, the spokeswoman said. It has already begun transitioning, she said. Hemker is based in Farmington Hills, Mich.

The broker-dealer was known as Equitas America LLC, but the branch under Hemker will operate under the name Equitas Financial.

-By Daisy Maxey, Dow Jones Newswires; 212 416 2237; daisy.maxey@dowjones.com

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