By ALLISSA KLINE
akline@bizjournals.com | 716-541-1612

Harold C. Brown & Co. LLC, a longtime independent brokerage and investment firm in Buffalo, plans to close its doors, possibly as soon as the end of the year.

The company's decision, which came after its most recent strategic planning initiative, stems in part from growing regulatory compliance requirements, according to Maureen Maguire, vice president and chief operating officer. As a brokerage firm and registered investment adviser, it is regulated by two bodies: the Financial Industry Regulatory Authority and the U.S. Securities and Exchange Commission, she said.

"All of the owners who are members decided that they wanted to find business models that would allow them to spend more time focusing on clients and less time on regulatory compliance aspects of the business," she said.

The firm's five client service teams plan to join existing companies or establish their own practices, Maguire said. Two teams are set to open their own registered investment advisory companies. A third will join United Capital Financial Advisers LLC, a California-based private wealth company, and establish a local Buffalo office. The two remaining teams plan to join Wells Fargo Advisors.

"At the end, each of the five client service teams identified the option that works best for their particular clients," Maguire said. "So the decision is to let each of the teams go in different directions and pursue the option they prefer rather than (establish) some sort of hybrid."

She said the state of the economy and the tough business climate were not factors in the firm's decision to dissolve.

Harold C. Brown employs 32 people. Many of the support staff plan to join the five teams, while those who are not part of a specific team are looking for other job opportunities, she said.

The firm, which ranks No. 13 among Western New York's financial planning firms, manages about $750 million in assets. It occupies 13,000 square feet on the 38th floor of One HSBC Center on Main Street. Its lease ends in May.