NFP, traditionally known for insurance services, is realigning its business to highlight growing wealth management and retirement plan offerings, aiming to attract new talent and deliver holistic financial planning. Wealth & Retirement, which includes registered investment advisory firms Wealthspire Advisors and Fiducient Advisors, generated $88.1 million in Q1 2022, representing 16.5% of NFP’s $534 million total revenue.
The company is restructuring to create new divisions: Wealth & Retirement and Benefits & Life, while maintaining its Property & Casualty segment. Life insurance services will shift to Benefits & Life, and retirement advisory services will move to Wealth & Retirement. NFP’s goal is to integrate insurance, retirement, and wealth management services for high-net-worth individuals, families, and institutions, creating a unified client experience. With over 130 advisors serving 11,300 clients and managing $45 billion in wealth assets alongside $400 billion in retirement plan assets, NFP is positioning itself as a top RIA while fueling future growth…