NFP Advisor Services has added over 60 retirement plan advisors, the majority of whom came from Financial Telesis. LPL Financial recently penned a deal to recruit the 400 advisors from Financial Telesis, an independent broker/dealer focused on retirement plan consulting.
“Anytime a transaction happens in our industry, that is a moment when all the advisors at that broker/dealer being acquired look up and they look around, and say, ‘What is the right fit for me?,’” said James Poer, president of NFP Advisor Services. “Many of those advisors, as well as advisors beyond that firm, have chosen to join us.”
The 60 advisors joining NFP are all members of the Retirement Plan Advisory Group, a technology and support system for advisors who serve qualified plan clients. It’s comprised of 475 member firms with $150 billion in assets. The firm is part of 401(k) Advisors, a retirement plan consultant, which is owned by National Financial Partners, NFP Advisor Services’ parent company.
401(k) Advisors and RPAG were founded by Vince Giovinazzo and Nick Della Vedova, who moved their licenses over to NFP from Financial Telesis at the end of July.
Poer said the advisors who have joined represent about 35 different advisor firm and $30 million in annual revenue.
The addition continues NFP’s expansion into the retirement plan advisor space.
“We have become as a good a specialist as any smaller firm in the space,” Poer said. “We understand how to process it, the differences between that and individual client accounts. We understand the unique needs on the compliance and regulatory side.”