Alone Together
National Financial Partners (NFP), the national distribution network of independent registered investment advisors, is set to go public imminently. Last month, the Manhattan-based firm filed its S-1 registration statement to the Securities and Exchange Commission, seeking to raise $250 million in an initial public offering.
"Right now we’re waiting to hear from the SEC," says an NFP spokesperson, who was unable to provide further information due to the SEC-mandated quiet period.
Founded in 1998, NFP seeks to build a nationwide chain of independent financial services firms that cater to the needs of the affluent. The company is headed by Jessica Bibliowicz, daughter of Citigroup’s Sandy Weill. Bibliowicz and NFP were the focus of a Registered Rep. feature story in Feb. 2002, available at: http://registeredrep.com/ar/finance_not_typical_wall/index.htm
The firm, which will trade under the ticker NFP on the NYSE, operates a distribution network of 1,200 producers in 40 states consisting of 124 wholly owned firms and 169 affiliated third-party distribution. It has built this chain, largely by acquisition. As of March 1, 2003, NFP had acquired 138 firms, up from 111 in 2002 and just 52 in 1999. NFP targets independent RIAs, who have strong wealth management skills and high-net-worth clients. NFP acquires 100 percent of the RIA, but keeps the principals in charge. The idea is to allow the RIA to act in an entrepreneurial fashion under the tutelage and economic backing of NFP. NFP’s member firms target clients with over $5 million in assets, as well as small- to medium-sized corporations.
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