D.A. Davidson closed on its acquisition of a small brokerage firm, adding 36 advisors to its ranks, according to a spokeswoman.
The deal is the industry's latest in a string of acquisitions and mergers announced over the past year, which saw larger European firms like Barclays and Credit Suisse exit the U.S. wealth management industry.
However, these latest shakeups are smaller than those that occurred during the financial crisis, when the industry saw giant brokerages like Smith Barney and A.G. Edwards disappear.
Through its acquisition of Smith Hayes, D.A. Davidson is getting three new branch offices in Nebraska and $4 billion in client assets under administration and management, according to a spokeswoman.
Jim Kerr, CEO of D.A. Davidson, said that because of the deal, "we will be able to further enhance the depth and breadth of services we provide to our growing client base."
Several top SMITH HAYES executives are making the transition to D.A. Davidson, including Chairman Tom Smith, who will become vice chairman of D.A. Davidson’s Individual Investor Group, and CEO John Decker, who will oversee the firm's Nebraska operations.
Terms of the deal were not disclosed.