$1.3 billion advisory firm leaves NPC for Commonwealth

Paris International, a $1.3 billion financial advisory firm based in Great Neck, N.Y., has chosen Commonwealth Financial Network as its broker-dealer, the two companies said Monday. "We are extremely pleased to welcome Paris International to Commonwealth," said Andrew Daniels, managing principal, business development at Commonwealth. "This is a team that values relationships as much as we do and provides the same support to its clients that we strive to provide to the advisors we work with." Commonwealth is the nation's largest privately held independent broker/dealer-RIA. Stuart Paris, CEO and founder of Paris International, said the move from National Planning Corporation started Aug. 15, when he learned the company was being sold, as part of LPL Financial's acquisition of National Planning Holdings Inc. (More: LPL Financial buys NPH, a broker-dealer network with 3,200 advisers.) "We began a search and started talking with Commonwealth — we liked the people and their process. They are culturally aligned with us." Paris International is a full-service financial advisory firm, founded in 1970. The firm specializes in retirement plans for businesses. It designs, builds and administers retirement plans for companies with up 10,000 employees. The company also offers financial planning services for individuals and families. "It's a perfect fit for us — Commonwealth is a big firm that acts like a boutique. They have the scale we need to run our business while still offering personal support," said Mr. Paris. "This is the last broker-dealer change we're going to make," he said.