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LPL, Cambridge and others in ‘serious’ talks to buy Foothill Securities

May 13, 2016

“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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