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Woodbury Nabs Three More NPH Firms from LPL

By Alex Padalka December 21, 2017

Three more firms formerly affiliated with National Planning Holdings, whose assets LPL Financial acquired in August, have decided to switch affiliation to Woodbury Financial Services, a unit of the Advisor Group.

Independence, Mo.-based Martin Tax & Financial Services, which has $200 million under administration and offers financial, tax, estate and retirement planning, was previously affiliated with National Planning Corp., a unit of NPH, according to a press release from Woodbury.

The same press release announced that Evans and Steele Financial, also based in Independence and managing $97 million, has joined Woodbury as well. The company was also previously affiliated with NPC, according to a cached version of its website.

Also moving is Sterling Heights, Mich.-based Platinum Wealth Management Group, along with partner firm Integrated Wealth Management, which oversees over $200 million and offers financial planning, investment management and insurance, Woodbury says. Platinum was previously affiliated with SII Investments, another unit of NPH, according to Platinum’s website.

Woodbury has brought on close to 200 financial advisors so far in 2017 and now has more than 1,200 affiliated independent advisors in its network, the company says. Many of those advisors have switched affiliation from NPH, whose assets LPL Financial acquired this summer from Jackson National Life for $325 million.

Last month, Woodbury lured the Tenacity Advisory Group, which was previously affiliated with SII, as well as Paragon Financial Group, previously affiliated with NPC.

LPL, meanwhile, brought on Warren, Penn.-based Northwest Bank to its platform, LPL says in a press release. Advisors at the bank oversaw around $1.3 billion in brokerage and advice business assets as of Oct.4, 2017, according to the press release.

Last year, Northwest acquired 18 branches in New York from First Niagara Bank, one of LPL’s institutional clients, LPL says. Northwest then decided to integrate with LPL completely for “better integration and efficiency,” Northwest Bank’s investment program manager John Beard says in the press release.