Dallas, TX, March 6, 2013 (GLOBE NEWSWIRE) -- Institutional Securities Corporation (ISC) announced on Monday, March 4, 2013 that it has been acquired by a team led by the firm's Executive Vice President, Scott A. Hayes, CFA. Official terms of the deal were not disclosed. Hayes will assume the role of president and Chief Executive Officer and ISC's founder and selling owner, Terry L. Hill will continue to work for the firm in a consultative capacity for a minimum of five years, ensuring a smooth transition.
"I have had several opportunities to sell the firm to the big companies that are buying up independent shops like ISC, but at the end of the day, an internal succession plan made the most sense for us, for our clients and for our advisors" said Mr. Hill. "I am very pleased to be able to hand the reins over to Scott. I am confident that he is going to do a great job in leading ISC into the future."
Hayes says that he intends to lead the firm by employing the same value-added perspectives that Mr. Hill has instilled in him. "Our advisors can choose to clear their business with anyone. They choose ISC because we view them as our business partners. They know that we are there to help them grow their practices and know that we are always just a phone call away if they need anything" said Mr. Hayes.
Hayes' plans for the future include ramping up qualified retirement plan AUM through the firm's fiduciary services, building assets on the firm's managed platforms, expanding product and service offerings to clients and selectively growing the firm's advisor base. "There are a lot of things that we can do for our advisors that don't work inside the large firm model. We don't require our advisors to fit in our box, but rather we work with them to help them achieve their objectives based on their own business models" said Hayes. "Despite the negative macro trends for our industry and the resulting shrinkage of the independent broker-dealer market, there are a lot of opportunities for independent firms like ISC that are willing to expend the effort and are able to adapt to the ever-changing regulatory environment."
Mr. Hayes joined ISC in 1997. He is a CFA Charterholder, earned his MBA from Southern Methodist University and his Bachelor's degree from Baylor University. He is the immediate past president of the National Tax Sheltered Accounts Association (NTSAA) and currently serves on the board of directors of the American Society for Pension Professionals and Actuaries (ASPPA). Institutional Securities Corporation is an introducing broker-dealer and Registered Investment Advisor headquartered in Dallas, TX and was founded in 1989.