Fee-only advisors at FormulaFolios, WealthSource Partners and Mutual Advisors will now have access to the DPL Financial Partners network, a result of agreements formed by DPL with the three enterprises. More than 800 advisors are now on the DPL network, according to the firm, and represent more than $160 billion in assets. DPL Financial Partners is an insurance management platform that sources no-load insurance products and annuities for registered investment advisors.
“In less than two years we’ve achieved an RIA footprint that approaches some of the largest platforms in the industry,” said David Lau, DPL founder and CEO, in a statement. “This is a strong reflection of the way firms are expanding to holistically serve clients and the important role insurance plays in that.” Annuities and insurance products can form an important backbone for retirement planning, he added.
WealthSource Partners’ CEO, Bryan Sullivan, called the agreement a “game-changer” for its advisors. "We believe the insurance piece is a critical part of the financial plan and should be handled by advisors committed to the fiduciary standard,” he added in a statement.
With these deals in place, DPL now works with RIAs across all 50 states. The organization gives network participants access to 18 insurance carrier partners, the most recent addition was Pacific Life, and more than 30 products. The firm also added a second round of capital from Eldridge Industries earlier this year, rounding out a total of $11 million in funding committed by the private investment firm.