National Life Group Announces Leadership Transition at Equity Services, Inc. President and CEO Ata Azarshahi to Retire; Industry Veteran Alex David Appointed Successor

MONTPELIER, Vt.--(BUSINESS WIRE)--National Life Group today announced a planned leadership transition at its broker-dealer and registered investment adviser, Equity Services, Inc. (ESI), with the appointment of Alex David as President and Chief Executive Officer, effective Dec. 16, 2025, and the retirement of Ata Azarshahi.

Azarshahi, President and CEO of ESI, will retire at the end of this year following a distinguished career spanning 40 years in the financial services industry and 13 years with National Life Group.

A respected and purpose-driven leader, Azarshahi leaves a significant legacy across National Life Group’s life, annuity and wealth businesses. Since joining the organization in 2013, he has led major initiatives in Strategy and Business Development, Life and Annuity Solutions, and, since 2020, served as President and CEO of ESI.

Under his leadership, ESI became the #1 fastest-growing broker-dealer in 2024 for total sales deposits according to LIMRA, achieving substantial growth in assets under management.

“Ata’s leadership has had a profound impact on National Life Group and the financial professionals and employees who had the honor of working with him,” said Matt Frazee, Executive Vice President and Chief Marketing Officer at National Life Group. “He has been instrumental in shaping ESI’s strategy, strengthening its growth trajectory, and deepening its commitment to our mission. We are deeply grateful for his service and wish him the very best in his retirement.”

National Life Group also announced that Alex David will join the organization as President and CEO of ESI, effective Dec. 16, 2025. David brings more than three decades of leadership experience across some of the industry’s most established financial institutions, with a track record of driving growth, elevating the advisor experience and improving organizational performance.

Most recently, David served as Northeast Division Director at Raymond James Financial Services, overseeing the firm’s flagship division—more than $100 billion in assets under management, 895 wealth managers, and 350 offices across the East Coast. Under his leadership, the division significantly outpaced firm averages and achieved record growth, generating over $100 million in new production and more than $14 billion in AUM in 18 months.

Prior to Raymond James, David served as President and CEO of Stifel Independent Advisors, where he led, over three years, a full transformation of strategy, recruiting, supervision, and operations—quadrupling revenue to $60 million and increasing AUM to $10 billion.

Earlier in his career, David served as Managing Director, Head of U.S. Branch Development, Marketing and PR at Wells Fargo Advisors, where he oversaw advisor recruiting, business development, and retention across independent channels. During his tenure, AUM grew from $30 billion to $105 billion.

“Alex is an exceptional leader whose experience, vision, and commitment to advisor success and firm growth make him the ideal person to guide ESI into its next chapter,” said Frazee. “We are excited to welcome him to the National Life Group family.”

David holds a Doctorate in Economics and a Master’s in International Economics from Pace University, a BBA in Finance from Baruch College, and is a participant in the SIFMA SII–Wharton Executive Education program. He recently began postdoctoral studies at the Harvard Kennedy School of Government. He serves on the Board of Directors of the Financial Services Institute and is Chairman of the Board of the Association for African American Financial Advisors (Quad A).

Expanded Growth Leadership at ESI

As part of its continued investment in growth and advisor success, National Life Group also recently named Brian Nelson as Head of Growth Strategy at Equity Services, Inc. A self-described “growth-obsessed” leader, Nelson brings more than 20 years of proven success in driving revenue growth, elevating practice management, delivering operational excellence, and helping top financial advisors achieve record performance.

Prior to joining ESI, Nelson served as Managing Director, Head of Practice Management at Atria Wealth Solutions. Earlier in his career, he was the founder and principal consultant of Pratica Consulting and held leadership roles at Advisor Group and Fidelity. In his new role, Nelson will focus on accelerating advisor growth strategies, strengthening practice management programs, and supporting scalable firm-wide expansion.

About National Life Group

National Life Group has been keeping promises since 1848, providing access to flexible, secure life insurance and annuities for families, businesses, educators, and first responders nationwide. With an independent, entrepreneurial spirit, our values are to “Do good, Be good, Make good” for our customers, agents, employees, and the communities we serve. Learn more at NationalLife.com.

About Equity Services, Inc. (ESI)

Founded in 1968, Equity Services Inc. (ESI) is a registered broker-dealer and investment adviser committed to advisor growth, client confidence, and lasting partnership. Backed by the strength of 175+ year-old mutual company National Life Insurance Company, ESI offers a flexible affiliation model, access to industry-leading solutions, and a strong, independent platform for financial professionals nationwide. We believe relationships are the foundation of this industry and are committed to delivering a personal and exceptional advisor experience.

National Life Group® is a trade name of National Life Insurance Company (NLIC), founded in 1848 in Montpelier, VT.

Equity Services, Inc. is a Broker/Dealer and Registered Investment Adviser affiliate of NLIC.

TC8657730(1225)1