Securities Service Network LLC, an independent advisory and brokerage firm with $13 billion in client assets based in Knoxville, Tenn., has recruited five independent advisory and brokerage firms that were previously under the umbrella of National Planning Holdings. The firm made the announcement about its affiliation of the firms Tuesday.
The firms, which house 16 advisors, have a total of $441 million in client assets. It also is focusing its strategy on recruiting advisors with skills in tax planning. About 27 percent of Securities Service Network total advisors do tax planning.
Securities Service Network is recruiting as part of its growth strategy, said Wade Wilkinson, the company's president and CEO. It now has more than 400 independent advisory firms.
“Given the changes to our industry landscape brought on by both the fiduciary era and recent reforms to the tax code, we believe SSN has a unique opportunity to advance a long-standing core strength of supporting tax-savvy financial planners,” Wilkinson said.
National Planning Holdings, a network of independent broker-dealers, was recently purchased by LPL Financial, which led to a defection of many NPH advisors into the arms of other firms. LPL said last week that it still expects to win 65 to 70 percent of NPH assets.
The independent advisory practices brought over by the Securities Service Network are:
• Valley Investment Solutions, of Kaukauna, Wis., which has $55 million in client assets;
• Insight Financial Services of Overland Park, Kan., which has $180 million in client assets;
• Dercks, Engels & Lautenschlager Financial Services of Greenville, Wis., with $90 million in client assets;
• Summit Financial Group of Fort Wayne, Ind., which has $11 million in client assets; and
• Brown & Associates Investment Services of Fayetteville, N.C., which has $105 million in client assets.
Securities Service Network is a subsidiary of Ladenburg Thalmann Financial Services.