News

LPL sheds $1 billion in assets as NPH ‘refugees’ form RIA

Meanwhile, a different group managing $650 million moves from NPC to Commonwealth

Five former top advisers at National Planning Holdings, which was acquired by LPL in August, have left the firm and formed F3Logic, a registered investment adviser.

The Columbus, Ohio-based RIA provides middle- and back- office solutions to hybrid independent firms.

“The firm is dedicated to providing independents with a client-centric approach that offers a fiduciary focus first experience – our tagline – to everything we do,” said Mike Childs, chief executive of the new firm, who also heads CIG Financial.

Other founders include Mary B. Kusske of Kusske Financial Management, Michael LaBrie and Thomas Nee of Compass Point Retirement Planning, and Kevin Nentwich of Financial Consultants of America and Sound Financial Strategies. The firms, which are hybrids, will use F3Logic as their RIA.

F3Logic is using Fidelity as its custodian and Independent Financial Group as its broker-dealer, the firm said in a release.

“The advisers’ $1 billion in total assets are split about 50-50 between the custodian and the BD,” said Rich DeSalvo, F3Logic’s chief operating officer.

“While developing our new firm as a way to address our own challenges as financial professionals, we heard from other independents who wanted to share in our model,” said Mr. Nentwich, who serves as F3Logic’s chief strategy officer.

(More: Two more NPH firms spurn LPL, affiliate with Woodbury Financial.)

In a separate deal, Spring Ridge Financial Group of Wyomissing, Penn., which manages $650 million in assets, has changed affiliations from National Planning Corp. to Commonwealth Financial Network.

Spring Ridge was the second-largest individual practice at NPC, according to a release from Commonwealth announcing the change. Its managing partner, Virgil Kahl, was the leading woman adviser in terms of production at National Planning Holdings, NPC’s corporate parent.