High-profile private investors Eldridge and Atlas Merchant Capital are upping their stakes in commission-free insurance specialist DPL Financial Partners.
DPL, which runs an insurance management platform for registered investment advisers, announced Wednesday that two of its outside investors, Todd Boehly’s Eldridge and Robert Diamond’s Atlas Merchant Capital are investing a combined $20 million of additional capital into the company. The firms had already invested $26 million in DPL and are represented on its board of directors.
According to DPL, the new investment coincides with its surpassing $1 billion in commission-free annuity purchases by advisers on behalf of their clients. DPL also said that its members have placed approximately $825 million in commission-free life insurance through its platform, which currently serves an RIA base of more than 3,500 firms.
David Lau, founder and CEO of DPL, said the new “growth capital” validates the “new distribution paradigm that puts investors first through the elimination of sales commissions.”
“The insurance industry needs to catch up to the low cost, commission-free products of the rest of the financial industry," Lau said. "To be backed by these two titans of the financial services world confirms that to be the case.”
The new money will fund technology development, he said, including the expansion of a suite of product discovery and comparison tools that will enable advisers to compare a range of commission-free annuity products from leading carriers. DPL will also use the funds to expand its head count, already up to 75 from 50 at the beginning of the year.
Eldridge was founded by former Guggenheim Partners president Todd Boehly, while Atlas Merchant Capital was co-founded by former Barclay’s CEO Bob Diamond.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
