National Planning Holdings Inc., a Santa Monica, Calif., independent broker-dealer network, recorded $342 million of revenue in the first half of the year, up 20.4% from a year earlier.
The four firms in the network generated more than $7.2 billion in gross product sales, up 4.6% from a year earlier, the company announced Monday.
“Our results during the first half of the year reflect NPH’s long-term approach to growing the business, as well as our continued commitment to helping advisers achieve sustainable growth in their practices,” Jim Livingston, the company’s president and chief executive officer, said in a press release. “NPH has remained consistent in the key areas of representative support, technology development and operational efficiency. At the same time, we are flexible enough to adapt to the changes occurring in the industry and the overall economy. Achieving this balance has been vital to our success, and it will continue to shape the strategic direction of the network going forward.”
National Planning Holdings generated $176 million of revenue in the second quarter, up 5.8% from the previous quarter, while sales of nearly $3.7 billion rose 4.7% from the previous quarter.
The company has 3,455 registered reps, down 0.4% in the first half of the year.
In July, National Planning Holdings launched WealthOne, an online advisory platform that offers an array of investment strategies and products from different money managers. The company developed the platform in-house and was designed to help it recruit advisors.
“By offering an advisory platform that is flexible, comprehensive and fully integrated with our front- and back-office systems, NPH is well positioned to capture the industry trend toward fee-based business,” Livingston said. “Our success is built on the relationships we have with our advisers, which is why we continue to invest in the technology and resources they need to be efficient, well-informed and prepared to address the evolving needs of their clients.”
National Planning Holdings, a unit of Lansing, Mich.-based Jackson National Life Insurance Co., is a network of broker-dealers that includes Invest Financial Corp., Investment Centers of America Inc., National Planning Corp., and SII Investments Inc.