Private equity-backed First Allied Holdings Inc. is set to buy The Legend Group, a provider of retirement planning solutions in Palm Beach Gardens, Fla.

Terms of the deal were not released.

This is First Allied's first acquisition since the financial adviser was sold by Waddell & Reed Financial Inc. to private equity firm Lovell Minnick Partners LLC in November 2011.

The target is made up of three separate businesses — Legend Equities Corp., Legend Advisory Corp. and Advisory Services Corp. — and each one is expected to operate as an independent unit under First Allied's ownership.

The transaction, subject to customary approvals, is expected to close in the first quarter of 2013.

Financial services industry