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Sep 13 2017

Another Firm Leaves National Planning for Securities America

Securities America, the independent broker-dealer subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE: LTS), announced that Missouri-based Benson Financial Group has joined the firm.

Formerly affiliated with National Planning Holdings, Benson Financial is comprised of eight producers and has $170 million in client assets under management. The firm will join Compass Financial Resources, an Olathe, Kansas-based branch that joined Securities America last month from National Planning Corp, days before its parent was purchased by industry giant LPL Financial. Before Benson joined the practice, Compass Financial Resources had $340 million in client assets.

National Planning Holdings, a broker-dealer network that consists of four independent firms – Invest Financial, Investment Centers of America, National Planning Corp, and SII Investments – was purchased by LPL last month for an initial purchase price of $325 million, plus up to an additional $123 million depending on the level of NPH’s business that onboards onto LPL’s platform.

Benson Financial is the first major defection since the LPL/NPH deal was announced in mid-August. Founder Pat Benson indicated that Securities America has provided he and his team some relief from the current industry environment.

“We can come to the office and be financial advisors again,” Benson said. “Over the last four months, with all the DOL conversations, it’s been hard to get out of bed and focus on what we do. We’re looking forward to 2018 and this new relationship.”

Securities America is one of the nation’s largest independent broker-dealers with more than 2,200 independent advisors and over $72 billion in client assets.

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Article by: The DI Wire

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