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In the News

National Planning Holdings CEO to advisers: No comment on LPL takeover talk

16:28 10 August in In the News by rafferty

August 9, 2017

By Bruce Kelly, Investment News

With speculation swirling about an imminent sale of the four National Planning Holdings Inc. broker-dealers, the network’s CEO, Scott E. Romine, last week took the extraordinary step to send an email to the 3,500 reps and advisers affiliated with the broker-dealers to say he would not comment about such rumors.

On July 30, Financial Advisor magazine on its website published an article titled “LPL Seen As Front-Runner To Buy National Planning Holdings’ B-D Network” and cited “sources in the insurance industry” for attribution. NPH is owned by insurer Jackson National Life Insurance Co.

The next day, Mr. Romine gave his no comment about a sale to LPL Financial. “I wanted to take a moment to address that and say firmly as a matter of practice and prudent management of our business,

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Another Insurance Firm Sheds Broker/Dealer

20:42 08 August in In the News by rafferty

August 8, 2017

By Diana Britton, WealthManagement.com

Kestra Financial, the independent broker/dealer formerly owned by NFP, has entered an agreement to acquire H. Beck, a firm owned by insurance company Securian Financial Group. The deals adds about 600 advisors and $2.4 billion in client assets to Kestra’s platform.

Securian is the latest insurance company to sell a broker/dealer unit. Securian purchased H. Beck nine years ago. The firm still owns Securian Financial Services, its other b/d with 1,200 advisors.

“We’ve entrusted this business to Kestra Financial with the intention to increase our focus on our other businesses, including Securian Financial Services, and the expectation that Kestra Financial will be a good steward for the 600-plus advisors affiliated with HBI,” said George Connolly,

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financial advisors

Recruiting Speeds Up

21:25 02 August in In the News by rafferty

August 1, 2017

By Dan Jamieson, Financial Advisor Magazine

Recruiting activity among independent broker-dealers is regaining momentum now that the DOL rule is back on track.

Many advisors have been evaluating their broker-dealer relationships in light of the new requirements the DOL will impose. Big firms like LPL Financial and Raymond James are changing their payout formulas in response to the rule and others are likely to follow.

But independent broker-dealer execs say that some recruits in the pipeline held back on making decisions early in the year after President Trump ordered a review of the rule. That gave opponents of the DOL plan—including many B-Ds and independent reps—some hope that the rule would be indefinitely postponed.

But the U.S.

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