Muriel Siebert & Co., Inc., a wholly-owned subsidiary of Siebert Financial Corp. (NASDAQ:SIEB), today announced the acquisition of the retail brokerage accounts of the DJF Discount Brokerage Division of Lake Success, NY-based R&R Planning Group, Ltd. Terms of the acquisition were not disclosed. The company said that a majority of the acquired customer base is centered in the New York tri-state area where Siebert also has a strong presence and is headquartered.
“This transaction furthers our core strategy of growth through acquisition of compatible accounts,” said Ms. Siebert, president and chairwoman of Siebert. “We look forward to welcoming these accounts to the Siebert family and providing them with excellent customer support and service.”
As customers of Siebert, customers of DJF Discount Brokerage will continue to receive the same discounted commission rates on their stock and option trades and, through Siebert’s clearing agent, National Financial Services LLC, the highest level of account protection currently available in the industry.* Additionally, they will have lower margin rates and free access to an expanded independent research offering. Through the participation of Siebert’s Capital Markets Group in global equity and debt underwritings, they may also have access to new-issue equity and debt securities.
R&R Planning Group, Ltd. was founded in 1992. With this transaction the firm exits the agency retail brokerage business.The transaction marks the sixth acquisition in the past 12 years for Siebert Financial. Previously, Siebert purchased the retail discount brokerage accounts of Andrew Peck Associates, Inc. in Jersey City, NJ, Wall Street Discount Corp. in New York, Your Discount Broker, Inc. of South Florida, TradeStation Securities Inc. of Boca Raton, and the Boca Raton Accounts of State Discount Brokers. Siebert Financial Corp. is a holding company, which conducts all its brokerage operations through its wholly-owned subsidiary, Muriel Siebert & Co., Inc. (“Siebert”). A member of the New York Stock Exchange, Siebert was one of the first stock brokerage firms in the U.S. to adopt a discounted commission schedule on May 1, 1975, when discounting was first permitted. Muriel Siebert & Co., Inc., owns 49% of Siebert, Brandford, Shank & Co., LLC, which provides municipal underwriting and financial advisory services to state and local governments across the nation for the funding of education, housing, health services, transportation, utilities, capital facilities, redevelopment and general infrastructure projects.