Sound Income Group, a Fort Lauderdale, Florida-based diversified financial services firm with approximately $1.7 billion in total assets under advisement, announced the creation of its income-focused wealth management platform for independent financial professionals.
Sound Income Group consolidates three businesses—Sound Income Strategies, Retirement Income Store and Advisors’ Academy—under one parent company, with each business operating as tightly-knit subsidiaries.
Sound Income Strategies is an independent registered investment adviser, focusing exclusively on fee-based advisory income solutions. The company also offers its income advisory solutions as a third-party asset manager to wealth management firms that want to deliver sophisticated income strategies to their finance professionals without the costs and complexities of organically building these abilities.
Each of the constituent companies of Sound Income Group was founded by David Scranton. Each company will seek to support independent finance professionals with a mission to provide personalized income solutions and resources to investors across the country.
The Retirement Income Store enables entrepreneurial financial advisors to provide personal retirement planning services to clients through a franchise model. The Retirement Income Store is a field marketing office that provides its franchisees with a clear regional market, turnkey marketing programs, and comprehensive support tools and resources to grow their businesses. By becoming a franchisee, advisors avoid the start-up hassles and brand-building challenges of starting their own business.
Advisors’ Academy helps independent annuity producers achieve high growth and success as income specialists for their clients. The company simplifies the business of independent annuity producers by consolidating all of their work on a single platform while offering personalized coaching, mentoring and growth strategies. Advisors’ Academy helps advisors achieve their Series 65, teaches them how to manage fixed income and other income-generating investments, and educates them on best practices for marketing, closing new business, and operating efficiently.
In a similar vein, Sound Income Group also announced the hiring of two senior wealth management executives with leadership experience at Investacorp and Merrill Lynch. Scranton will be the CEO.
Patrick Farrell will serve as president of Sound Income Group. Farrell is a 35-year veteran of the financial services industry who previously served as CEO, President, COO and CFO at Advisor Group-owned Investacorp. He began his career as an accountant and CPA at Arthur Andersen & Co.
Rana Chander will serve as Chief Operating Officer for Sound Income Strategies and Chief Technology Officer for Advisors’ Academy. Chander has over 20 years of wealth management experience and was previously COO and CIO for Investacorp Inc. Previously, he was Vice President of Global Database Technology for Merrill Lynch .