Woodbury Financial Nabs Two More NPH Firms from LPL
Two more firms formerly affiliated with National Planning Holdings have affiliated with Woodbury Financial, a unit of the Advisor Group, InvestmentNews writes.
The Tenacity Advisory Group has switched affiliation from SII Investments, a unit of the NPH network, according to the publication. Founded in 2010, Tenacity has 52 advisors who oversee $2 billion from 30 offices in Michigan, Nebraska, Ohio and Wisconsin, InvestmentNews writes.
Additionally, Paragon Financial Group has changed affiliation from National Planning Corp., another NPH unit, to Woodbury, according to the publication. Paragon’s affiliated brokers oversee $347 million, InvestmentNews writes.
LPL offered a contingent payment of up to $123 million tied to the amount of NPH business that onboards to LPL. Earlier this month, Woodbury also lured Feucht Financial Group from NPC. Feucht oversees $430 million in assets under administration. And the same week Paris International, another NPC unit, affiliated with Commonwealth Financial. However, many larger firms, such as the $2 billion Trilogy Financial, have chosen to affiliate with LPL.