Arax acquires independent broker-dealer, adds $2B wealth team
Three significant milestones have been announced by Arax Investment Partners to scale up its multi-partner platform.
It has acquired independent broker-dealer and RIA Excel Securities & Associates Inc., a firm with almost 50 years of heritage that manages around $1 billion in client assets with teams across multiple locations. It will operate as Ashton Thomas Securities.
The firm has also welcomed Stafford Schauer Private Wealth Team to its platform, a team who managed $2 billion in client assets at their old firm, Raymond James’ Alex.Brown division. The team include Chris Stafford, managing director and partner; Cory Schauer, managing director and partner; Ines Seferi, senior investment portfolio analyst; Meghan Thomson, senior associate; Hunter Hendrix, associate; and Susie Register, associate.
“After welcoming Ashton Thomas to Arax just a few months ago, we have been inundated with inquiries from top-tier wealth managers and advisors, interested in the opportunity to scale their business with an entrepreneurial and supportive partner,” said Haig Ariyan, CEO of Arax. “Chris Stafford and Cory Schauer are amongst the most skilled and successful financial advisors in our profession. I’ve known them personally for many years and couldn’t be more pleased that they’ve decided to join Ashton Thomas Private Wealth.”
Completing the trilogy of news is the appointment of Sumit Handa as chief investment officer, joining from Pennington Partners & Co. and a former head of asset allocation at Insight Investment, a subsidiary of BNY Mellon.
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