LPL Keeps Another Two NPH Teams
Most recently, Crown Point, Ind.-based Oak Partners, which was previously affiliated with SII Investments — an indie broker-dealer on the NPH network itself — has opted to affiliate directly with LPL’s broker-dealer and corporate RIA platforms, according to the publication. Oak Partners’ 17 advisors manage $740 million, InvestmentNews writes.
In addition, Life Brokerage Financial Group is moving to LPL in the middle of February, ThinkAdvisor writes. Life Brokerage, whose 80 advisors managed around $1.6 billion, was previously affiliated with INVEST Financial Corporation, which is also part of the NPH network, according to the publication.
“In an ever-changing industry, LPL has its hand on regulatory changes and, therefore, is on the leading edge of developing products and platforms to support the new era of financial services,” Gary Richardson, president & CEO of Life Brokerage, says in a statement cited by ThinkAdvisor.
In August LPL bought NPH’s assets from Jackson National Life Insurance for $325 million, offering a contingent payment of up to $123 million depending on the number of advisors it onboards.
While the firm has successfully brought on dozens of mid-tier practices on the NPH network, as well as several groups managing up to $1 billion, many firms have opted to leave. Most recently, Securities America picked up 14 advice practices whose advisors collectively manage over $2 billion.
All of the groups were previously affiliated with SII Investments and National Planning Corp., two of the four broker-dealers on the NPH network. Several other large advisor teams on affiliated with NPH firms have also gone to Woodbury Financial Services, Commonwealth Financial and FSC Securities in recent months.