First Allied Holdings Inc., the parent firm to First Allied Securities, a San Diego independent brokerage with about 1,000 financial advisers throughout the U.S., said it agreed to purchase the Legend Group, a Florida investment services firm for an undisclosed price from Waddell & Reed, a Kansas City mutual fund company.

Joel Marks, chairman of First Allied Securities, said Legend’s focused business model complements First Allied’s existing business. “Growing together and sharing best practices will open up new opportunities and will enable us to better sever our advisers and their clients,” Marks said.

The Legend Group, based in Palm Beach Gardens, Fla., will continue to operate under its current brand as a stand alone, sister company to the existing First Allied entities. Once the transaction is completed, expected to be in the first quarter of 2013, the combined entities will have nearly 1,400 advisers and $28 billion in assets under administration, First Allied said.

--SDBJ Staff Report