sidebar

Connect: 888-821-8107

Connect: 888-820-8107

Author: rafferty

LPL Pays $325 Million for Jackson National B/Ds

17:12 16 August in In the News by rafferty

August 15, 2017

By Diana Britton, Michael Thrasher, WealthManagement.com

The deal brings another 3,200 advisors to the nation’s largest independent broker/dealer, and it’s the latest in a trend of insurance firms exiting the b/d business.

The U.S.’s largest independent broker/dealer just got bigger. LPL Financial announced Tuesday it had acquired National Planning Holdings, the network of broker/dealers affiliated with Jackson National Life Insurance Company, from Prudential, for $325 million. The deal will add 3,200 advisors to LPL’s network.

The deal is the latest example of an insurance company shredding a brokerage business. Last week, independent b/d Kestra Financial entered an agreement to acquire H. Beck, a firm owned by insurance company Securian Financial Group, adding about 600 advisors and $2.4 billion in client assets to Kestra’s platform.

Read More
ThinkAdvisor

Will LPL’s New NPH Reps Stay or Go?

16:29 16 August in In the News by rafferty

August 15, 2017

By Janet Levaux, ThinkAdvisor

 

LPL Financial said Tuesday that it bought National Planning Holdings’ four broker-dealers — National Planning Corp., Invest Financial, Investment Centers of America and SII Investments — for $325 million.

The independent broker-dealer aims to pick up about 3,200 advisors with $120 billion of client assets—putting the combined group at 17,500 and $660 billion in assets. LPL says it will pay up to $123 million more in the first half of 2018 if 72% of NPH advisors’ production (fees & commissions revenue) joins the company.

It’s worth noting, that LPL reserves the right to “not transfer a small subset of representatives who do not meet certain affiliation criteria,” according to a memo sent to NPH advisors and obtained by ThinkAdvisor.

Read More
ThinkAdvisor

Kestra to Buy H. Beck, Add 600 Reps & Launch Robo

16:04 11 August in In the News by rafferty

August 8, 2017

By Janet Levaux, ThinkAdvisor

CEO Poer says seller Securian is not exiting the broker-dealer business, will keep ownership of another BD

Independent advisor platform Kestra Financial says it is buying H. Beck, from Securian Financial Group.

The groups work, respectively, with about 1,700 and 600 advisors. “The announced transaction puts us over the 2,000 mark in the aggregate,” said Kestra CEO James Poer in an interview.

In terms of assets under management at its RIAs, Kestra has $21 billion, while H. Beck has about $2.5 billion. (These figures do not include assets under administration.)

“We approached Securian about the organization, and they liked our ideas …,” Poer explained. “We explained that we could provide a great home to and a bright future for H.

Read More