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In the News

Newbridge Securities to be bought by foreign wealth management firm

16:06 24 October in In the News by rafferty

October 11. 2017

By Bruce Kelly, Investment News

London-based European Wealth Group is acquiring the U.S. independent broker-dealer, which has about 200 reps and advisers

Another independent broker-dealer is changing hands.

This time, Newbridge Securities Corp., a mid-size firm with about 200 reps and advisers, will be acquired by a foreign firm, the London-based European Wealth Group. The deal was announced jointly Tuesday.

Terms of the deal were not disclosed.

“We are ambitious to grow both organically and dynamically by acquisition,” said Marianne Ismail, CEO of European Wealth Group, in the announcement. “Newbridge presents a unique opportunity to invest in an established, well-positioned and nationally represented company.”

Newbridge reported $26.17 million of total revenue in 2016 and a net loss of nearly $488,000.

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NPH advisors left with little time to make fraught LPL decision

16:02 24 October in In the News by rafferty

September 19, 2017

By Tobias Salinger, Financial Planning

More than 1,600 advisors with National Planning Holdings broker-dealers face a wrenching decision: Join LPL Financial or take their practices elsewhere, with little time to make the choice.

LPL plans to take over all National Planning and Investment Centers of America accounts Dec. 2, less than 120 days after LPL acquired NPH. Even before then, advisors of the two firms must make their intentions clear or risk consequences, according to a mass NPH email obtained by Financial Planning.

Brokers who want to join a new BD must do so by Nov. 3, at which point the memo says NPH will terminate their registration. If they don’t move out their accounts by Oct.

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LPL Offers Retention Deals to NPH Advisors

21:21 13 September in In the News by rafferty

September 13, 2017

By Diana Britton, Michael Thrasher, WealthManagement.com

For some loosely affiliated groups, the deals are based on individual advisor, not group, production, an unusual move.

LPL Financial has started to offer retention packages to reps at National Planning Holdings, the network of 3,200 advisors the firm purchased from Prudential last month. The firm shared some details about the transition efforts, including the timeline for the tape-to-tape transfer as well as transition assistance.

Something unusual about the offers is that for some loosely affiliated groups, transition assistance and payouts are based on individual advisors’ production, not the group’s. So for many advisors who were used to being dealt with as a team by NPH, their payout may be going down.

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