NFP's CEO Jessica Bibliowicz, with her father, Sandy Weill, who created Citigroup.
National Financial Partners, the independent financial services company headed by Jessica Bibliowicz, has just announced that it has acquired Fusion Advisor Network in Elmsford, N.Y., a network of independent advisors that provides business management and collective bargaining services to its members.
NFP Advisor Services was already serving as Fusion’s broker/dealer and registered investment advisor, but Fusion will now be integrated onto the NFP Advisor Services platform.
Fusion, founded in 2003 by Stuart Silverman and led by President Philip Palaveev, has a network of about 240 advisors. Fusion is known as a high-end network of advisors, almost like a society of sorts, where competing FAs try to help each other improve their practices.
NFP has been known to be insurance-oriented because of its parent company’s focus on insurance and benefits services. In April, the firm announced that Bibliowicz, who’s grown the firm through acquisition since joining in 1999, will step down from her position as CEO at the end of the first quarter in 2013. Douglas Hammond, chief operating officer, was named NFP’s president and will become CEO in April 2013. NFP’s broker/dealer arm has 1,700 advisors.
Details of the transaction were not released. (Fusion's Palaveev declined to comment this morning.) NFP said its revenue will not affected by the purchase because revenue produced by Fusion’s advisors was already included in NFP’s revenue count before the acquisition. NFP expects its margins to improve by 75 to 100 basis points.
Look for more on this developing story and what it means for the industry from WealthManagement.com.