National Financial Partners (NFP), a provider of benefits, insurance and wealth management services, has acquired Washington Wealth Management (WWM), a California-based hybrid RIA platform, for an undisclosed sum.
As part of the deal, NFP will acquire Washington Wealth Management’s 10 adviser teams that manage more than US$800 million in client assets.
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The deal will enable WWM and NFP Advisor Services Group to jointly provide the tools and resources required for advisors to smoothly operate in the independent advisor space.
Through this deal, WWM will be able to access NFP’s array of tools and resources, including NFP’s integrated technology platform that integrates service and technology.
Additionally, WWM’s platform which includes an independent RIA and a multi-custodian offering will work together with NFP’s independent broker-dealer to offer financial advisors with an open architecture platform and independence across both fee and transaction-based business models.
James Poer, president, NFP Advisor Services Group, said: "Our partnership reflects the strength of our industry-leading platforms that serve advisors with creative and best-in-class solutions."
Robert Bartenstein, CEO of WWM, said: "The combined solution is a true integrated approach, from back office support to advisor-facing technology, all within a welcoming environment filled with people who are committed to empowering advisors."
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