Wealth management services company National Financial Partners Corp. today announced that it has acquired Fusion Advisor Network, a provider of practice management and business consulting to independent financial advisors.
Fusion will be integrated into the NFP Advisor Services Group platform, according to NFP. The deal closed on July 2. Financial terms were not disclosed.
Fusion, in Elmsford, N.Y., represents a national network including more than 240 advisors. The firm was founded in 2003 by Stuart Silverman, who will remain with Fusion as chairman emeritus.
Fusion advisors generated more than $60 million in revenue during 2011, the majority of which was recurring revenue.
National Financial Partners Corp. and its benefits, insurance and wealth management businesses provide advisory and brokerage services to companies and high-net-worth individuals. Its subsidiaries are NFP Securities Inc. and NFP IndeSuite Inc.
NFP's revenues will not be impacted by this acquisition because revenue generated by Fusion advisors has historically been included in NFP Advisor Services Group's reporting. In 2013,, it is expected that NFP Advisor Services Group's adjusted earnings before income taxes, depreciation and amortization margins will improve in the range of 75 to 100 basis points from the acquisition, according to NFP.
NFP Advisor Services Group President James L. Poer said the acquisition of Fusion further strengthens NFP's position in providing independent broker-dealer and RIA services. "The integration of Fusion's customized expertise in business management and marketing services into our leading offering of service and technology culminates into the ideal destination for high-end advisors," he said.
--Jim McConville