“It’s not a lot of fun to be a broker-dealer these days,” says firm chairman John Burroughs
May 10, 2016 @ 11:34 am | By Bruce Kelly | Investment News
Foothill Securities Inc., an adviser-owned independent broker-dealer with 220 registered reps under its roof, is in “serious discussions” to be acquired by a larger firm, according to its chairman, John Burroughs.
Four firms currently in discussion with Foothill include: LPL Financial, Cambridge Investment Research Inc., Securities America Inc. and SagePoint Financial Inc., Mr. Burroughs said.
The discussion of merging Foothill Securities with another firm comes at a time of when the common wisdom in the securities industry is that small- and mid-sized broker-dealers such as Foothill are facing extinction-like pressures.
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