ON THE MOVE-Independent broker-dealer NFP hires 53 retirement advisers

NEW YORK Thu Aug 21, 2014 3:50pm EDT

NEW YORK Aug 21 (Reuters) - Independent broker-dealer NFP Advisor Services has added 53 advisers over the last two months, an executive said, all to NFP's independent retirement consulting group, Retirement Plan Advisory Group.

The new hires specialize in retirement plans and collectively produced $30 million in annual revenue at their previous firms, James Poer, president of NFP Advisor Services, said Wednesday.

NFP provided the names of only one of the new hires, David Harper, who joined with his wealth management group Legacy Advisory Partners.

Harper's Legacy Advisory Partners is an independent business that used to affiliate with the independent broker-dealer and registered investment advisor group Financial Telesis, Inc, which provided trading technology and a business platform.

Most of the rest of the new hires also came from Financial Telesis, a spokesman for NFP Advisor Services said.

Independent broker-dealer and registered investment advisor groups like Financial Telesis work with independent business-owners to provide a business platform, technology and other service.

Financial Telesis was recently acquired by LPL Financial, which is a subsidiary of LPL Financial Holdings and the largest U.S. independent broker-dealer by sales force.

Poer said the surge in new hires is in response to industry demand.

(Reporting by Elizabeth Dilts; Editing by Leslie Adler)