Advisor Group Acquires American Portfolios Financial Services, Inc.

Advisor Group announced a definitive agreement to acquire American Portfolios Financial Services, Inc., a full-service independent broker-dealer headquartered in Holbrook, New York. The firm — which supports more than 850 financial professionals across nearly 400 branches and manages about $40 billion in client assets — will remain branded and operationally independent; Lon T. Dolber will join Advisor Group as Vice Chairman. The deal, backed by Reverence Capital Partners, is subject to FINRA and other regulatory approvals and expands Advisor Group's network and capabilities for its financial professionals.