A newly independent Columbus, Ohio, advisory firm with more than $1 billion in AUM has emerged from the fallout of LPL’s purchase of National Planning Holdings (NPH) from Jackson National.
On Wednesday, six advisors formerly affiliated with NPH’s elite Peer Solutions Group announced the launch of F3Logic, a hybrid RIA that will focus on providing fiduciary advice to clients. The founders are Mike Childs of CIG Financial; Mary B. Kusske of Kusske Financial Management; Michal LaBrie of Compass Point Retirement Planning; Thomas Nee of Compass Point Retirement Planning; and Kevin Nentwich of Financial Consultants of America and Sound Financial Strategies.
“F3Logic’s mission is to meet the needs of independent advisors who are searching for a better way to optimize their middle- and back-office operations,” said Childs in a released statement. “Our aim is to empower independents to focus on what they do best—advising clients—while we take care of the rest.”
The new firm was founded as NPH’s sale to LPL closes and advisors face deadlines for choosing their future path. Many outgoing NPH advisors and managers of offices of supervisory jurisdiction have argued that they face unreasonable deadlines for making such a difficult decision. Complicating matters, Finra has approved block transfers of NPH accounts only for advisors moving to LPL, leaving registered reps and advisors who elect not to go to LPL with a longer and more difficult transition process.
The F3Logic founders, as well as other independent advisors who join the firm, will retain their firms’ respective names, but share the services of the same broker-dealer, Independent Financial Group, and use F3Logic as their investment advisor.
Childs will serve as the new RIA’s chief executive officer, while Nentwich will serve as chief strategy officer. In addition, the founders have hired Richard DeSalvo to serve as chief operating officer.
“This one-ADV/Hybrid RIA concept creates economies of scale which will allow F3Logic to offer both exceptional pricing and servicing to the street,” said DeSalvo in released comments. “Ultimately, F3Logic is about the evolution and continual development of the advisor’s skills, as they become increasingly self-reliant, empowered and confident about being an integral part of their client’s financial life.”