sidebar

Connect: 319-210-7700

archive

LPL Tag

ThinkAdvisor logo

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. Plus, LPL says the NPC and ICA reps will...

Investment News logo

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...

ThinkAdvisor logo

Victor Fetter Is Out at LPL; Former AmEx, eBay Exec Is In

21:36 22 June in In the News by rafferty

June 22, 2017 By Janet Levaux, ThinkAdvisor The IBD taps Scott Seese for the CIO post in a move that one recruiter calls ‘a big deal’ LPL Financial says Chief Information Officer Victor Fetter is leaving the firm and will be replaced on July 10 by Scott Seese, who has been CIO of American Express’ global consumer business unit and of eBay. The change comes about six months after Dan Arnold stepped into the CEO slot left by the retiring Mark Casady, who also acted as chairman. Previously, Arnold was president of the independent broker-dealer, a role he took on in 2015, when Robert Moore departed. LPL’s stock traded down about 2% at under $41 per share on Thursday. At least two recruiters are upbeat on the large IBD’s CIO news. Technology has become a very important...