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Jon Henschen Tag

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.

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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.

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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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