National Financial Partners Corp., a New York-based provider of benefits, insurance and wealth management services, announced Thursday has acquired Fusion Advisor Network, which offers practice management and business consulting to independent financial advisors. 

The transaction, which closed July 2, will help National Financial increase the services it offers to independent advisors. Fusion will be integrated into the NFP Advisor Services Group. The price of the deal was not disclosed.

Founded in 2003 by Stuart Silverman, Fusion has developed a track record of helping independent advisors build profitable, resilient practices and has always leveraged NFP Advisor Services Group as its sole provider of broker-dealer and registered investment advisor solutions.  Fusion, which is based in Elmsford, N.Y., represents a network of 240 advisors nationally. Silverman will remain with Fusion as its chairman emeritus.

Fusion advisors generated more than $60 million in revenue last year, the majority of which was recurring revenue.  NFP’s revenue will not be impacted by this acquisition because revenue generated by Fusion advisors has historically been included in NFP Advisor Services Group’s revenue. 

National Financial says it expects NFP Advisor Services’s Group’s adjusted EBITDA margins to improve by 75 to 100 basis points next year as a result of this acquisition.

"This transaction enhances our recruiting and retention initiatives by empowering us to provide a more robust offering to advisors, while also creating margin improvement opportunities for NFP,” said Jessica M. Bibliowicz, National Financial’s chairman and chief executive officer.

James L. Poer, the president of NFP Advisor Services Group said, the Fusiion acquisition “further strengthens NFP Advisor Services Group’s position as a leader in providing independent broker-dealer and RIA services. The integration of Fusion’s customized expertise in business management and marketing services into our leading offering of service and technology culminates into the ideal destination for high-end advisors.”