A Meriden broker-dealer that provides investment, insurance and wealth management services said it’s added three banks to its client roster.
Infinex Financial Group said it’s signed with First Security Bank & Trust and Peoples Bank, both based in Iowa, and Indiana’s Fowler State Bank.
Infinex said the three were previously clients of Iowa-based Broker Dealer Financial Services, which was acquired last year by one of the country’s largest independent broker dealers, according to Financial Planning.
Combined, the three new customers have more than $200 million in assets and seven financial advisors, Infinex said.
As of March 15, Infinex’s wholly owned investment advisor, Infinex Investments, reported $1.36 billion worth of client assets under management, according to a regulatory filing.
Infinex said it now supports more than 650 advisors across the country. That’s up from approximately 500 in 2016, after it acquired California-based Essex National Securities.
Earlier this year, Infinex was one of 80 firms ordered by the U.S. Securities & Exchange Commission to return a total of $125 million for failing to disclose to clients that lower-cost funds were available, the Connecticut Post reported.
Infinex, which self-reported its violations to the SEC, paid just under $1 million.
