Washington Wealth Management has bolted LPL Financial after about a year and a half to join large independent broker-dealer NFP in what it says is a bid to attract more wirehouse breakaways.
Terms of the deal were not disclosed, but Washington Wealth CEO Robert Bartenstein said NFP's deep pockets would help the smaller firm buy more advisors out of their expensive wirehouse contracts, at prices starting at about $200,000. To get those folks unlocked requires capital, Bartenstein says. We need a reliable and aggressive capital partner.
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