NFP Advisor Services Group expanded its reach in the independent advisor space on Wednesday when it acquired Washington Wealth Management, a hybrid RIA firm based in California.
In Wednesday’s deal, NFP gains the San Diego-based firm’s 10 advisor teams managing nearly $800 million in client assets into the firm. Financial details on the deal were not disclosed.
James L. Poer, president of NFP said in a statement Wednesday the firm saw significant opportunities to provide valuable support to advisors who would like to transition to the independent model. “Our partnership reflects the strength of our industry-leading platforms that serve advisors with creative and best-in-class solutions,” said James L. Poer, president of NFP.
Washington Wealth Management was founded by former wirehouse advisors to set up or recruit independent teams of advisors. According to the firm’s Form ADV filed with the SEC, it currently has 38 employees and services about 900 clients.
Wednesday’s acquisition provides the hybrid RIA—which has offices in San Diego, Los Angeles and Orange County, Calif., as well as Westport, Conn. and Middleburg, Va.—access to NFP’s highly rated tools and resources.
In WealthManagement.com’s recent Independent Broker/Dealer Report Card, NFP ranked as one of the top-rated firms, with advisors giving the firm an overall satisfaction score of 9.5 (out of 10). The firm’s operational and service support scored even higher (9.6 out of 10), with one advisor writing, “My b/d provides everything I need/want and more. They are very responsive and stay ahead of the technology curve… It is more like a large family; very accessible management and tremendous sharing among the reps.”
NFP Advisor scored 9.3 out of 10 in technology. The uses a strategy that integrates different components from the clearing firms into its platform. “NFP is very much a National Financial shop, however, they take technology strategy very seriously and have built out the IndeSuite platform by leveraging technology components from their clearing firm,” says Alois Pirker, research director for Aite Group’s wealth management practice.
"In NFP, we have found the perfect partner to help us execute on our full-service transition model for advisors who determine independence is a better arena in which to do business on behalf of their clients,” Robert Bartenstein, CEO of Washington Wealth Management, said in a statement.
“The combined solution is a true integrated approach, from back office support to advisor-facing technology, all within a welcoming environment filled with people who are committed to empowering advisors. This alignment is going to wake some people up to what's possible in this space," he added.
