Indianapolis-based Thurston Springer, a hybrid RIA and broker/dealer platform, has signed an agreement to acquire PEAK Reps and its subsidiaries, a Jupiter, Fla.-based firm with 120 financial advisors and about $1.2 billion in assets under advisement.
Details of the transaction, expected to close next month, were not disclosed.
PEAK Reps is a holding company for PEAK Brokerage Services, its independent b/d; BlackRidge Asset Management, an RIA; and Top Advisors Group, an insurance marketing group. PEAK will operate as a separate subsidiary of Thurston Springer, with its three businesses remaining registered entities.
“PEAK Reps has built a remarkable organization focused on providing their advisors with a high touch service model, a collaborative marketing environment and a diversified platform,” Thurston Springer CEO Rick Parker said in a statement. “Their tenacity, passion and drive resonate with us. Our goal is to assist PEAK Reps continued growth through enhanced technology, dedicated fixed-income trading, service expansion and scale.”
Regina Rudnick, who has served as CEO of PEAK Reps for the last two years, has been named co-president and head of advisor experience for PEAK. Matt Reynolds, president, CFO and partner at Thurston Springer will serve as co-president.
Late last year, Thurston Springer hired John Peluso as executive vice president and partner. Most recently, Peluso was a senior managing director with Wells Fargo, where he led two divisions of the firm’s independent advisor business during a 35-year tenure. Peluso has also chaired the SIFMA Independent Firms Committee and served as a board member of the Wealth Advisory Institute.
He's been tasked with supporting the firm’s brand and market awareness, advisor experience and continued growth through recruiting, RIA M&A and minority investment activity, according to an announcement.
Founded in 1981, Thurston Springer provides brokerage services, tax and business consulting and insurance products through its various affiliated businesses. Financial Services Holdings wholly owns it. Thurston Springer has about $10 billion assets across its businesses.
