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Rating:New Custodian Starts Advisor Conversions Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, June 17, 2003

New Custodian Starts Advisor Conversions

by: Sean Hanna, Editor in Chief

The newest custodian for independent financial advisors is getting ready to sign up customers. The San Diego-based Shareholder Services Group has created a Business Transition Unit, to assist advisors with transferring of client assets to the firm. Shareholders Service Group was formed in April and it started operations earlier this month.

The firm is seeking to win business from existing custodians serving independent advisors, including Charles Schwab, TD Waterhouse and Fidelity Investments.

Rolando Abagat has joined the firm as senior vice president, business transition, to oversee the unit. He has also taken a partnership position with the firm. Abagat was most recently an operations specialist with FutureTrade Securities, and assistant vice president of operations, at Linsco Private Ledger (LPL).

Like the other key executives at the firm, Abagat is also a veteran of Jack White & Company and TD Waterhouse Institutional Services where he was first vice president, new business integration. At Jack White he was vice president of operations, account transfers and trading.

"Our Business Transition Unit is the gateway for the independent financial advisor to begin using our service platform," says Peter Mangan, president and CEO. "The BTU works closely with advisors from day one to cover all facets of the advisor set-up and account transfer process."

Abagat's hiring is one of a number that Shareholders Service Group expects to announce within the next few weeks, according to Barry Boyte, executive vice president of marketing and communications.  

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