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$350 Million Team Exits National Planning Holdings

Key Group Management leaves NPH, Millennials feel inferior to wealthy celebrities on social media and rich parents continue to bail out their kids.

Key Group Management, a registered investment advisory with more than $350 million in total client assets, has left National Planning Corporation, one of National Planning Holdings’ broker/dealers, to join Royal Alliance, one of Advisor Group’s b/ds. LPL Financial, the largest independent b/d in the country, recently announced its acquisition of National Planning Holdings’ network of b/ds for $325 million. Retention deals have started to go out to their advisors. The Key Group team, led by advisors Patrick Murray and Colin Heafy, is headquartered in Ramsey, N.J. and has offices in Westwood, Mass. and Scottsdale, Ariz. They had been affiliated with NPC since 2009, according to BrokerCheck. Year-to-date, Advisor Group has recruited 295 new advisors.

Millennials Are Financial Worriers

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Millennials worry more about their finances than any other generation, according to E-Trade's Streetwise quarterly tracking study. The study found that 69 percent of Millennials feel they could be doing better financially and that their worrying is putting a strain on their relationships (53 percent) and health (50 percent). The study also found that 59 percent of Millennials said images of exaggerated wealth seen on social media and television make them feel less successful. "Exaggerated images of luxury spending and status often displayed on social sites run counter to the principles of sound wealth building," said Mike Loewengart, VP, Investment Strategy at E-Trade Financial. "One would be hard-pressed to find a social media star promoting the merits of getting their employer’s 401(k) match, the purpose of dollar cost averaging or the advantages of enrolling in an automated investing plan. But these types of disciplined actions are exactly what is needed to help create a nest egg.”

Affluent Parents Doing More To Support Children Financially

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Affluent parents are increasingly involved in their children’s financial lives, according to a new survey by Personal Capital. Nearly 20 percent plan to support their children into their 30s, and 12 percent said they will support their kids into their 40s and beyond. More than half of affluent parents have helped (or plan to help) their children buy a home while 45 percent help pay a child’s rent. Even more generous are affluent millennial parents. More millennial parents are prioritizing children’s college fund over their own retirement than older generations of parents, and 56 percent said expect to pay at least $100,000 for their child’s college education.

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