National Planning Corp. on Monday said it has taken over the broker-dealer operations of Main Street Securities LLC. As part of the deal, which was effective November 1, Main Street's 65 registered reps and more than $750 million in assets are now part of NPC.

No cash transactions were involved and no assets were transferred. For Main Street, the arrangement is seen as the best way to grow its business. "In this economy we were too small to be a big firm and too big to be a small firm," says Bobb Meckenstock, Main Street's president.

Meckenstock says the Hays, Kansas-based firm didn't have the resources to do the massive recruiting needed to bulk up to where it wanted to be. "Our management team earlier this year decided we needed a partner in whatever form that takes," he says.

Main Street works a lot with annuities and life insurance products, and Meckenstock says one of the reasons his firm cast its lot with NPC was because it's a annuity- and insurance-friendly company. He also cited NPC's focus on serving independent advisors.

Based in Santa Monica, Calif., NPC is one of the nation's largest independent broker-dealers. It's an affiliate of Jackson National Life Insurance Co.

Meckenstock says Main Street is unwinding its broker-dealer operations and keeping the corporation, and that it's now a branch office under NPC. It will continue using the Main Street name, and Meckenstock remains president of the corporation. He's also supervising manager of the branch office.

He says all but two of Main Street's firms made the transition to NPC.