On the heels of a strong earnings announcement from parent company Jackson National Life, National Planning Holdings, Inc. (NPH), the broker/dealer unit owned by the Michigan-based insurance company, announced mixed results on Tuesday, May 18.
NPH, the holding company that consists of INVEST Financial Corp., Investment Centers of America, Inc., National Planning Corp. and SII Investments generated more than $3.5 billion in total product sales during the first quarter of 2010, up from $3.4 billion during the prior year period. The network of four independent broker/dealers booked quarterly revenue of $166.4 million, an increase of 22% over the first quarter of 2009.
"[The results] are an indication that investors are returning to the market, which is clearly a positive trend for both our business and our representatives," said Jim Livingston, president and CEO of National Planning Holdings, in a prepared statement. "However, while the market recovery certainly contributed to our results, it is our consistent strategy that enabled the NPH firms to perform exceptionally well throughout the downturn."
According to the company, NPH's continued focus on attracting new advisors and maintaining a stable sales force helped the network record a slight increase in representative count over the prior year period. However, on a quarter-over-quarter basis, the company reported slight declines in gross product sales, revenue and representative count.
"While quarterly growth is always an objective, we do not focus on short-term gains or over-react to fluctuations in the market cycle," said Livingston. "We take a long-term approach to all aspects of our business, from technology development to practice management initiatives to recruiting. Our primary objectives remain the same: to help advisors service clients effectively, provide technology that improves their efficiency, and deliver value-added resources that have a tangible impact on their practices."
