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NFP Buys Bronfman Rothschild, Betting Big on RIA Growth

15:27 27 March in In the News by rafferty

March 26, 2019 by Janet Levaux, ThinkAdvisor The news comes three years after NFP moved to sell its advisory brokerage business -- with 1,400 advisors -- to Stone Point Capital. Insurance broker NFP says it is buying Bronfman Rothschild, a $6 billion RIA that it plans to merge with its wealth manager Sontag Advisory. The combined firm should have over $10 billion in assets and potentially more than 55 advisors. The news comes three years after NFP moved to sell its brokerage advisory business — which had 1,400 affiliated advisors — to Stone Point Capital (who renamed it Kestra Financial) and is yet another sign that the industry is betting that growth in the RIA channel will top that of brokerage firms going forward. By 2020, the RIA segment — which includes about 650 firms...

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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. The rationale for these hookups—creating an easy distribution...