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In the News

LPL Expects to Keep 70 Percent of NPH Advisors

16:27 13 November in In the News

November 8, 2017

By Diana Britton,

CEO Dan Arnold told investors he expects 70 percent of advisor production to move over in the first wave—but what is the bar for success?

LPL Financial is on track to retain 70 percent of advisor production from National Planning Holdings after transitioning the first wave of advisors from the acquired independent broker/dealer, the company said during a conference call Wednesday morning, even though CEO Dan Arnold told investors that the earnings the company would realize, measured by EBITDA, would equal 80 percent.

“Anytime you have a transaction, you’re putting potential assets in motion, it’s going to be a competitive environment,” Arnold said. “We also knew that this was a good quality property but that all advisors wouldn’t necessarily match up with us strategically.

Newbridge Securities to be bought by foreign wealth management firm

16:06 24 October in In the News

October 11. 2017

By Bruce Kelly, Investment News

London-based European Wealth Group is acquiring the U.S. independent broker-dealer, which has about 200 reps and advisers

Another independent broker-dealer is changing hands.

This time, Newbridge Securities Corp., a mid-size firm with about 200 reps and advisers, will be acquired by a foreign firm, the London-based European Wealth Group. The deal was announced jointly Tuesday.

Terms of the deal were not disclosed.

“We are ambitious to grow both organically and dynamically by acquisition,” said Marianne Ismail, CEO of European Wealth Group, in the announcement. “Newbridge presents a unique opportunity to invest in an established, well-positioned and nationally represented company.”

Newbridge reported $26.17 million of total revenue in 2016 and a net loss of nearly $488,000.

NPH advisors left with little time to make fraught LPL decision

16:02 24 October in In the News

September 19, 2017

By Tobias Salinger, Financial Planning

More than 1,600 advisors with National Planning Holdings broker-dealers face a wrenching decision: Join LPL Financial or take their practices elsewhere, with little time to make the choice.

LPL plans to take over all National Planning and Investment Centers of America accounts Dec. 2, less than 120 days after LPL acquired NPH. Even before then, advisors of the two firms must make their intentions clear or risk consequences, according to a mass NPH email obtained by Financial Planning.

Brokers who want to join a new BD must do so by Nov. 3, at which point the memo says NPH will terminate their registration. If they don’t move out their accounts by Oct.