NPH, Conseco

National Planning Holdings Inc. posted strong results for 2007, while Conseco Inc. posted a write-down for the fourth quarter.
MAR 17, 2008
National Planning Holdings Inc. posted strong results for 2007, while Conseco Inc. posted a write-down for the fourth quarter. National Planning Holdings posted a 22% increase in annual revenue in 2007, while its roster of registered representatives grew 12.8%. The Santa Monica, Calif.-based broker-dealer holding company and an affiliate of Lansing, Mich.-based Jackson National Life Insurance Co. said revenue totaled $599.9 million, up from $492.7 million in the year-ago period. The number of registered reps increased to 2,996, up from the 2,655 registered reps during the previous year. Total sales increased 20.5% to $14.3 billion, compared to $11.8 billion in 2006. Conseco, the Carmel, Ind.-based insurer lost $72.2 million, or 39 cents per share, including $23 million in net realized investment losses and $68 million in valuation for deferred tax assets. The company said net operating income before valuation allowance for deferred tax assets was $18.8 million, or 10 cents per share. In February, the company said it would restate certain financials at the request of the Securities and Exchange Commission, after overstating shareholders' fourth-quarter equity by $15 million to $35 million. Conseco also plans to restate results for 2005 and 2006, as well as certain results from 2003 and 2004 and the first three quarters of 2007.

Latest News

How AI search aided scam from phony NFL player, fake financial advisor
How AI search aided scam from phony NFL player, fake financial advisor

Daejon Love and Taylor Chan's $1.3 million romance fraud scheme exposes how AI search engines can be manipulated by fabricated online identities

Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client
Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client

“It was a third party scam,” said the attorney representing the claimants.

RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust
RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust

Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.

CogniCor adds wealthtech veterans to board in renewed RIA push
CogniCor adds wealthtech veterans to board in renewed RIA push

Palo Alto AI platform recruits RIA and fintech leaders as industry data show AI adoption reshaping advisor staffing.

Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico
Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico

Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income