NFP Announces Acquisition Of Washington Wealth Management Empowers Wirehouse Advisors to Achieve Turnkey Independence
NEW YORK, March 12, 2014 /PRNewswire/ -- NFP today announced that it has acquired Washington Wealth Management, LLC (WWM). WWM is an independent hybrid registered investment advisor established by wirehouse veterans for the express purpose of enabling advisors to achieve independence and build equity in their own businesses. The transaction uniquely positions WWM and NFP Advisor Services Group to jointly provide the tools and resources needed by advisors to smoothly transition to, and successfully operate in, the independent advisor space.
Based in San Diego, WWM supports fee and hybrid independent financial advisor teams across the nation. Currently supporting 10 advisor teams servicing nearly $800 million in client assets, WWM provides solutions and services that are highly complementary to the NFP Advisor Services Group suite of resources. The transaction with WWM is an example of NFP's focus on delivering a custom experience for independent financial advisors through a premier platform that integrates service and technology.
Commenting on today's announcement, James L. Poer, President, NFP Advisor Services Group, said, "We are very pleased to partner with WWM, a clear leader in a vibrant space where we see significant opportunities to provide valuable support to advisors who would like to transition to the independent model. Our partnership reflects the strength of our industry-leading platforms that serve advisors with creative and best-in-class solutions."
Robert Bartenstein, Chief Executive Officer of WWM, said, "In NFP, we have found the perfect partner to help us execute on our full-service transition model for advisors who determine independence is a better arena in which to do business on behalf of their clients. The combined solution is a true integrated approach, from back office support to advisor-facing technology, all within a welcoming environment filled with people who are committed to empowering advisors. This alignment is going to wake some people up to what's possible in this space."
National Financial Partners Corp. (NFP) and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering to help preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP's national scale and resources. NFP operates in three business segments. The Corporate Client Group provides corporate and executive benefits, retirement plans, and property and casualty insurance. The Individual Client Group includes retail and wholesale life insurance brokerage and wealth management advisory services. The Advisor Services Group serves independent financial advisors by offering broker-dealer and asset management products and services. Most recently NFP was ranked in the top 10 on Business Insurance's 100 Largest Brokers of U.S. Business and Best's Review's Top Global Insurance Broker lists; second on Business Insurance's Largest Agents and Brokers Headquartered in the U.S. Northeast; it operates the fifth-largest executive benefits provider of nonqualified deferred compensation plans by total clients, as ranked by PlanSponsor; and operates a top 10 independent broker-dealer as ranked by InvestmentAdvisor. NFP is also a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.
NFP Advisor Services Group is a business segment of NFP that includes NFP subsidiaries NFP Securities, Inc., member FINRA/SIPC, and NFP Indesuite, Inc.
ABOUT WASHINGTON WEALTH MANAGEMENT
Based in San Diego, CA, Washington Wealth Management LLC (WWM) is a hybrid registered investment adviser (RIA) supporting fee and transaction-based independent financial advisor teams across the nation. WWM was established by wirehouse veterans with the express purpose of enabling former wirehouse financial advisors to achieve independence and growth. The firm's platform is comprised of an independent RIA, and a multi-custodian offering, in association with NFP's independent broker-dealer, in order to provide its financial advisors with an open architecture platform and independence across both fee and transaction-based business models. WWM has offices in San Diego, Los Angeles and Orange County, CA; Westport, CT and Middleburg, VA. More information is available at http://www.washwm.com.