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Securities America Snaps Up Two New Advisors

The additions of advisors Bob Batick and Todd Coates support Securities America’s branch-based growth plan.

Advisor Group subsidiary Securities America recruited two advisors from competing firms, the company announced today.

Robert “Bob” Batick, founder and president of Connecticut-based Whitfield Retirement Services, joined the affiliated super office of supervisory jurisdiction Patriot Financial Group from Westport Capital Markets. And Texas-based Norman “Todd” Coates joined Securities America’s other Super OSJ, Navigation Financial Group, from LPL Financial.

Together the advisors managed $376 million in total client assets and bring decades of industry experience to their branches, according to the announcement. Batick advised corporate retirement plans for close to 20 years and has previously worked at RBC Wealth Management as the first vice president of investments.

Jim Nagengast, CEO and president of Securities America said this isn’t the only wins the firm will have this summer. The broker/dealer plans to announce top-producing recruits in the coming weeks.

“Both of these individuals joining our large branches fits very well into our strategy of supporting branches. And I think that’s one of the things that we continue to do better than anyone in the country,”

Securities America’s recruitment is ahead of last year, added Nagengast without divulging specific numbers. The firm attributes its increase to the growth of its existing advisors through new clients and market appreciation. The b/d expects to do $1.1 billion in revenue this year, the highest revenue in its history.

Nagengast attributed some of that success to parent firm Advisor Group’s launch of the marketing platform My CMO, and price reductions on new accounts and advisor-paid ticket charges. That’s playing well in the marketplace, he said.

Another factor is Advisor Group’s capital provision and assistance with M&A to firms across all its broker/dealers. The b/d even provides multi-clearing and multi-custodial services.

Advisor Group’s overall advisor recruitment ticked up 7%, from 251 advisors in the first half of 2020 to 268 advisors in the first half of 2021. Its assets under advisement grew by 37% from $5.7 billion last year around the same time to $7.8 billion. AUM increased by 61% from $1.8 billion to $2.9 billion.

“We are seeing a lot of activity in advisors acquiring other practices. When I look at our fastest growing advisors, they are acquiring books of business and assets of retiring of advisors,” said Nagengast.

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