Lance and Gideon Drucker, who had been with Hornor, Townsend & Kent for over 40 years, will use Fidelity and Altruist for custody, and PKS for brokerage business.
RFS Financial Securities President David Miller said the acquisition factored into the move, saying the firm wanted to take control of its own destiny.
This will likely become a much larger relationship for the clearing and custody firm as Arax continues to acquire and scale its wealth management business.
New IRS data show the state’s share of US taxpayers making $1 million or more rose from 2019 to 2021. The same can’t be said of Florida, Texas and New York.
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