Advisors Excel adds services, partners with Jones Advisory Group
Advisors Excel has expanded services to reach broader markets in a move one founding partner said will be a "huge growth area over the next two to three years."
The company announced the formation of AE Wealth Management Thursday, a
"Most of them use the annuities for the safety and income part of a portfolio," he said. "In 2010, we started our life insurance division, which has grown like crazy, probably one of the top five in the country now with
That 2010 growth came about through a partnership with a
"I think on the annuity and the life insurance side, we're really best in class," he said. "Nobody has a wider selection and can do a better job. We weren't really best in class on the investment side with that partnership. We made the decision to start our own
Helping the advisors who use AE's services is what has propelled the company's growth, and while most use annuities as the "safety and income part of a portfolio," they need a top-notch investment side too, Foster said.
"The great thing about working with AE's Wealth Management is it's going to allow our clients access to investments and options that they never had access to before," she said. "They are using an institutional management company that manages about
Jones said her company always had used an institutional manager, but the new one through AE is about eight times the size of the former management company.
Foster said his company has already added between 40 and 45 employees to support AE Wealth Management. Jones, too, said the move of her company's 300 clients to the AE platform necessitated the hiring of two employees.
Once in the new space, though, the company will look to office an estate attorney and a certified public accountant there to offer their clients a full realm of retirement services.
Making a change like this requires Jones' company to get all clients to sign new paperwork and a Thursday evening event at AE invited them to learn about the new offerings.
Foster said AE is expected to see significant growth from this service addition, pushed forward by an extensive technology platform that allows clients to log in and see all holdings and up-to-date performance data.
"It'll be our huge growth area, over the next two to three years," he said. "I don't think I'm exaggerating -- we'll probably have 100 employees in that division."
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