LPL Adds $1.1B NPC Team

The group comes on board about three months after the IBD acquired assets from its parent firm

Discovery Financial is based in Red Wing, Minnesota. Discovery Financial is based in Red Wing, Minnesota.

LPL Financial says an advisor group formerly with National Planning Corp. has moved to its broker-dealer and corporate RIA platforms with $1.1 billion of assets and close to 20 financial advisors.

LPL acquired the assets of NPC and several other broker-dealers from National Planning Holdings in August.

“We are excited to welcome Doug and the entire Discovery Financial team to LPL,” said Bill Morrissey, LPL’s head of business development, in a statement. “They are a very successful group that embraces a financial planning model and values independent advice … We look forward to supporting the Discovery Financial team for many years to come.”

Based in Red Wing, Minnesota, Discovery Financial was co-founded by Doug Ritter about 25 years ago and now has eight locations.

The group includes three father/son advisor teams: Jeff and Tom Berg, Gene and Scott Burns and Doug and his son David. Ritter’s business partners are Tim Kelly and Matt Hardyman, who is the son of retired co-founder Bill Hardyman.

“When the acquisition of NPC was announced, we went in search of a firm that would be the right cultural fit and provide the products, services, technology and expertise to best meet the needs of our advisors and their wide range of business styles and practices,” said Discovery Financial President & CEO Doug Ritter, in a statement.

“We were extremely impressed by LPL and appreciated the firm’s size, scale, financial stability and the relationships we developed,” Ritter said. “Out of the discovery process, it became clear LPL was going to be an opportunity for us.”

--- Check out 2 Top LPL Reps in NorCal Form $875M Group on ThinkAdvisor.

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