Sound Income Group, a Fort Lauderdale, Florida-based, diversified financial services company with approximately $1.7 billion in total assets under advisement, has announced the formation of its income-focused wealth management platform for independent financial professionals.
Sound Income Group brings together three businesses—Sound Income Strategies, the Retirement Income Store and Advisors’ Academy—under one parent company, with each business operating as closely collaborative subsidiaries.
Sound Income Strategies is an independent registered investment adviser, exclusively focused on fee-based advisory income solutions. The firm 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 financial professionals without the cost and complexities of building those capabilities organically.
Each of Sound Income Group’s constituent firms was founded by David Scranton. Each business will seek to support independent financial professionals with the mission of delivering customized income solutions and resources to investors across the country.
The Retirement Income Store allows entrepreneurial financial advisers to provide personal retirement planning services to clients through a franchise model. The Retirement Income Store is a field marketing office that offers its franchisees a clear regional market, turnkey marketing programs and comprehensive support tools and resources to grow their businesses. By becoming a franchisee, advisers avoid the start-up issues and brand-building challenges of launching their own businesses.
Advisors’ Academy supports independent annuity producers in achieving elevated growth and success as income specialists for their clients. The firm simplifies the businesses of independent annuity producers by consolidating all their work on one platform while delivering customized coaching, mentorship and growth strategies. Advisors’ Academy helps advisers obtain 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 related move, Sound Income Group also announced the hiring of two senior wealth management executives with leadership experience from Investacorp and Merrill Lynch. Scranton will serve as 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 held the titles of CEO, president, chief operating office and chief financial officer at Investacorp, owned by Advisor Group. He began his career as an accountant and CPA with Arthur Andersen & Co.
Rana Chander will serve as COO for Sound Income Strategies and chief technology officer for Advisors’ Academy. Chander has more than 20 years of wealth management experience and was previously COO and chief information officer for Investacorp Inc. Previously he was vice president of global database technology for Merrill Lynch.