LOUISVILLE, Ky.--(BUSINESS WIRE)--DPL Financial Partners (“DPL”), today announced enterprise agreements with three RIA networks, nearly doubling the number of firms now empowered with commission-free insurance products and advice from the leading insurance network for fee-only advisors. The agreements with FormulaFolios, WealthSource Partners and Mutual Advisors bring the number of firms in the DPL network to more than 800, representing over $160 billion in assets and roughly a quarter of a million American households.
“In less than two years, we’ve achieved an RIA footprint that approaches some of the largest platforms in the industry,” said DPL Founder and CEO David Lau. “This is a strong reflection of the way firms are expanding to holistically serve clients and the important role insurance plays in that. We are thrilled to welcome these new firms and are working with their advisors to implement insurance and annuity solutions that their clients need for a secure retirement.”
Through the enterprise agreements, the partner firms make access to vetted, no-load insurance and annuity products and expert advice a key part of their value add to affiliated RIAs.
"We believe the insurance piece is a critical part of the financial plan and should be handled by advisors committed to the fiduciary standard,” said Bryan Sullivan, CEO of WealthSource Partners. “DPL’s insurance platform for RIAs is a game-changer that will allow advisors in our network to deliver comprehensive financial planning and the highest standard of care to clients.”
FormulaFolios CEO Jason Crump echoed that view: “Our job is to help advisors focus on what their clients need to help them build solid retirement income and investment plans while offering solutions for managing risk,” said Crump. “DPL’s insurance network allows our advisors to better serve their clients while building their business and growing AUM.”
On top of the nearly 100% increase in members represented by the new enterprise agreements, DPL Financial Partners highlighted additional datapoints that reflect recent growth:
- With the latest member additions, DPL now works with RIA firms in all 50 states.
- DPL now counts 18 insurance carrier partners with more than 30 products in 12 different product categories; in late January the firm added its latest carrier partner, Pacific Life, to the lineup.
- The firm has kept ahead of its membership growth by proactively adding staff across key areas of the company; DPL’s staff is now approaching 50 employees.
- DPL is well-positioned financially to maintain its growth trajectory; the firm received initial capital backing from Eldridge Industries in 2018 and, early this year, Eldridge Industries provided a second round of capital bringing the total capital commitment to $11M.
About DPL Financial Partners
DPL Financial Partners is the RIA turnkey insurance management platform that brings commission-free insurance solutions from a variety of the nation's top carriers to RIA practices. DPL has created a marketplace of no-load insurance products that enables RIAs to incorporate insurance and annuities into their practice to more holistically serve their clients. Clients benefit from products with improved pricing and fiduciary implementation rather than a commissioned, sales-driven one. www.dplfp.com