NFP Insurance president steps down

Robert R. Carter is stepping down as president of NFP Insurance Services Inc., according the SEC filings.
MAR 03, 2008
By  Bloomberg
Robert R. Carter is stepping down from his role as president of NFP Insurance Services Inc., according to documents filed with the Securities and Exchange Commission last week. He will stay on as a consultant to the company for a $400,000 salary. The news of Mr. Carter's departure triggered Keefe Bruyette to downgrade NFP’s shares from “outperform” to “market perform” on Friday, which sent the stock spiraling down to about $24, the lowest level since its initial public offering in 2004. This “resignation is a sign National Financial Partners’s house is in disarray in our opinion confirming commentary we have anecdotally heard since NFP reported fourth-quarter earnings for 2007,” Keefe Bruyette & Woods Inc., a New York-based analyst, in published reports. The departure follows last month’s announcement that Jeff Montgomery quit his post as chief executive of NFP Securities in Austin, Texas and his post of chief operating officer of NFP Insurance Services. In addition, Michael Wodchis, senior VP for NFP Insurance Services has left the company, according to industry sources. NFP declined to comment on the report of Mr. Wodchis’ departure.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.