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Commonwealth Picks Up National Planning Corp Team

October 19, 2017

Two advice practices managing almost two billion won’t be sticking around to be part of a network of broker-dealers LPL Financial bought this summer from Jackson National Life.

Commonwealth Financial scooped up Paris International, which was part of National Planning Corp. from 2006 until this month, ThinkAdvisor writes. Paris International, owned by Stuart and Michael Paris, manages $1.3 billion, according to the publication. The firm services retirement plans for businesses, offers outsourced chief retirement officer services to firms with up to 10,000 employees, and serves as an outsourced CFO and CIO to individual clients, ThinkAdvisor writes. Michael Paris says Commonwealth was a “perfect fit” because it’s a “big firm that acts like a boutique,” according to a press release from Commonwealth.

Separately, Woodbury Financial Services scooped up Wisconsin-based wealth practice Feucht Financial Group, according to a press release from the Advisor Group, the network of financial advice firms of which Woodbury is a part. Feucht’s seven advisors oversee $430 million in assets under administration for 3,000 clients, according to the press release. Firm founder Mark Feucht and his two sons Jeremy and Chad had been registered with NPC from 2000 to this month, according to BrokerCheck.

“We are confident and excited that Woodbury will allow us to operate independently as we have been for over 40 years, servicing our clients with the same values and care that our father founded the business on,” Chad Feucht says in the press release.

NPC is part of National Planning Holdings, the network of broker-dealers whose assets LPL acquired from Jackson National. The deal also included INVEST Financial Corporation, Investment Centers of America, Inc. and SII Investments, Inc.

LPL bought NPH for $325 million but has agreed to an additional contingent payment of up to $123 million tied to the amount of business LPL onboards onto its platform. At least 72% of NPH’s client assets, which stood at around $120 billion as of the end of June, must move to LPL’s network for there to be any contingent fee.

By Alex Padalka
  • To read the ThinkAdvisor article cited in this story, click here.