Regal Financial and its 100 advisers bolt from AIG’s SagePoint
In a huge blow to SagePoint Financial Inc., one of three broker-dealers that make up the AIG Advisor Group Inc., its largest group of reps and advisers is walking out the door following a bitter dispute over group's role and future at SagePoint.
In a huge blow to SagePoint Financial Inc., one of three broker-dealers that make up the AIG Advisor Group Inc., its largest group of reps and advisers is walking out the door following a bitter dispute over group’s role and future at SagePoint.
The group, Regal Financial Group LLC, has about 100 advisers and generated $9 million in fees and commissions last year, its chairman, J. Lawrence Taunt, said in an interview this morning.
That represents about five percent of SagePoint’s overall headcount of 2,039 reps and advisers.
SagePoint — until last year, AIG Financial Advisors — was hard hit after the credit crisis and the federal bailout of parent company, American International Group Inc. Brokers disenchanted with the AIG name on their business cards fled: the firm’s headcount dropped 23% from the end of 2008 to December last year.
[Visit InvestmentNews.com this afternoon for an update to this story]
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