LPL Holdings Inc. the parent company of LPL Financial, will acquire certain assets from NRP, LPL said in a press release.
Upon completion of this transaction, NRP employees will join LPL Financial to form a new division within the company, LPL Financial Retirement Partners led by NRP’s current CEO and president, Bill Chetney.
As for NRP’s approximately 350 advisers; “Through this acquisition, NRP’s independent advisers will have the opportunity to join LPL Financial,” LPL said in its announcement. No word as to what that means for the current NRP broker/dealer, NRP Financial, which NRP acquired in the first quarter of 2007.
This will give LPL a foothold in the retirement plan space, something the broker/dealer has tried to establish in the past, last with Bruce Harrington, who left the firm in December.
Last year, NRP announced its intention to recruit not just retirement plan advisers, but producing third-party administrators (TPAs) to become member firms and create the NRP National TPA Network.
Alison Cooke Mintzer