John Hancock Financial Network, a distribution channel of John Hancock, has agreed to acquire certain assets of St. Petersburg, Florida-based Transamerica Financial Advisors (TFA), a Transamerica company.
Upon completion of the deal, up to 1,100 advisors from TFA working in roughly 50 firms across the US will become affiliated with Signator Investors, the broker dealer of John Hancock Financial Network, along with about 90 employees who support TFA.
The acquisition, whose terms were not disclosed, is expected to close within six months, subject to regulatory approvals.
John Hancock president Craig Bromley said: "This transaction will contribute to the company’s continued success by enhancing Signator’s presence among the country’s top broker dealers. It will also provide opportunities for Signator to broaden distribution and recruiting through advisors who join Signator from Transamerica Financial Advisors and who have established bank channel relationships.
"Not only does the transaction further Signator’s growth strategy, it supports John Hancock’s overall effort to help more Americans achieve their financial goals."
Transamerica Financial Advisors CEO Seth Miller said: "This transaction represents a clear strategic fit for both Transamerica and Signator, allowing us to focus on and invest in our core distribution while enabling Signator to strengthen its independent broker dealer channel.
"With the quality products, tools and resources that Signator provides, we have full confidence that the TFA advisors will have what they need to further grow their practices while serving the broad needs of their customers."
John Hancock Financial Network president Brian Heapps said: "This transaction will help Signator continue its growth as a leading independent broker dealer, expand our geographic footprint and provide a comprehensive range of investment, advisory, and insurance solutions to deliver even greater value to more customers."