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

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

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.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave