Another National Planning firm has bolted for Woodbury Financial Services, pushing the number of advisors spurning LPL Financial for other firms close to 100 after its massive acquisition.
Frank Brown’s Paragon Financial Group, a super office of supervisory jurisdiction with 22 advisors and $347 million in client assets, joined the Advisor Group firm in the wake of LPL’s acquisition, Woodbury says. The Phoenix-area practice’s new independent broker-dealer
LPL
Woodbury alone has lured 81 advisors with $2.8 billion in client assets in three grabs
“Frank was also able to balance his supervisory and compliance responsibilities with helping advisors develop their businesses,” Nate Anderson, a regional vice president for Woodbury, said in an email. “Our model allows him to allocate more time focused on adding new advisors to his organization and helping his existing advisors grow their businesses.”
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The team marks at least the second to opt for a smaller IBD over the nation’s largest.
October 19 -
CEO Dan Arnold said the acquisition of NPH’s assets will serve as a model for the future.
October 27 -
The practice opted for USA Financial after Jackson National sold National Planning's assets.
October 26
Independent and regional firms have been maintaining strong appeal with new recruits.
Brown, who operates Paragon out of an office in Glendale, Arizona, formally aligned with Woodbury on October 13, according to FINRA BrokerCheck. A spokesman for LPL and a spokeswoman for National Planning both declined to comment on the move.
Brown launched the practice in 1999, though he started his financial services career with Transamerica back in 1986. Paragon had been with SagePoint Financial, another Advisor Group BD, for three years before joining National Planning in 2009.
Brown chose Woodbury “due to the rich culture, the genuine dedication to the advisor and their success and the support with industry-regulated compliance supervision provided by Woodbury’s regional vice president structure,” he said in a statement.
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