Ten teams with a total of $2 billion in client assets have left National Planning Corporation, one of the broker/dealers of National Planning Holdings, which was recently acquired by LPL Financial. The teams have moved to San Diego, Calif.-based independent broker/dealer Independent Financial Group.
Five of the 10 offices were part of NPC’s Peer Solutions Group, a network of top advisors.
“I was really impressed by the quality of the individuals at IFG’s home office—there is a high degree of ethical behavior and intelligent people,” said Mary Kusske, one of the advisors moving over to IFG, in a statement. “They make you feel like the only rep, not one of 600—they make you feel like family.”
Several big teams have jumped ship from NPH since the acquisition. Green Bay, Wisc.-based Tenacity Advisory Group, with $2 billion in client assets and 52 advisors, recently left SII Investments, one of NPH’s b/ds, to join Woodbury Financial Services. Fond du Lac, Wis.-based Feucht Financial Group, an advisory with more than $430 million in client assets, also joined Woodbury after 16 years with NPC.
Key Group Management, a registered investment advisory with more than $350 million in total client assets, departed National Planning Corporation to join Royal Alliance, one of Advisor Group’s b/ds.
And just today, Commonwealth Financial Network announced it had recruited Spring Ridge Financial Group, a former NPC team, bringing with them more than $650 million in assets.
During its quarterly earning call last week, LPL provided an update on the acquisition, and said the firm expects to put up $100 million to try to retain NPH advisors. More than half of that is expected to be loans, while the remaining cash will be dispensed in the fourth quarter of this year and first quarter of next. The actual amount will depend on how much NPH business LPL retains.
