Alerus Financial, a $2.2 billion bank headquartered in North Dakota, has shut down its in-house broker/dealer and joined Infinex Financial Group, a third-party marketing firm and independent b/d focused on financial institutions. Infinex, headquartered in Meriden, Conn. has more than 550 advisors.
“We looked at a number of broker/dealers during our due diligence process,” said Brian Kraft, president of Alerus Securities. “Given that we ran our own broker/dealer for so long, and are accustomed to making our own decisions, it is comforting that our new partner will have an open, collaborative approach.”
LPL Financial announced this week that it recruited Savers Bank from Infinix, a Southbridge, Mass.-based bank program with about $100 million in client assets. Since the fourth quarter 2018, LPL has added several other bank programs from Infinix, including First National Bank, Altavista, The Bank of Delmarva, The Faquier Bank, Fairport Savings Bank, Milford National Bank and Upper Peninsula State Bank. Each of those programs manage less than $100 million in client assets.
“LPL provides advantages because of their scale and expertise in this space along with the stability to support us for the long run. The combination of these things can help our program grow in the ways we see possible,” said Peter Kaslauskas, the investment executive and sole financial advisor at Savers.
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The New Hampshire-based financial services firm moves to the independent…
