Commonwealth Lures $1.3 Billion NPH Team Prior to LPL Merger

Commonwealth Financial Network, a privately held registered investment adviser and independent broker-dealer, has recruited Paris International to its network of independent financial advisors.

Paris International is a full-service financial advisory firm with $1.3 billion in client assets under management that specializes in retirement plans for businesses. In addition to retirement planning, the company also offers financial planning for individuals and families.

Based in Great Neck, New York, Paris International is owned by Stuart and Michael Paris and serves as the outsourced chief retirement officer for small- to medium-sized companies with up to 10,000 employees.

Paris International was previously affiliated with National Planning Corporation, which is part of the National Planning Holdings broker-dealer network.

In August, LPL Financial announced that it would acquire NPH for an initial purchase price of $325 million, and a contingent payment between $0 and $123 million based on the level of NPH’s business that joins its platform.

“To us, it’s all about the culture,” said Michael Paris. “It’s a perfect fit for us—Commonwealth is a big firm that acts like a boutique. They have the scale we need to run our business while still offering personal support.”

Founded in 1979, Commonwealth Financial Network is the nation’s largest privately held registered investment adviser and independent broker-dealer. With headquarters in Waltham, Massachusetts and San Diego, California, the firm supports 1,710 independent financial advisors nationwide.

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