NFP Insurance president steps down

Robert R. Carter is stepping down as president of NFP Insurance Services Inc., according the SEC filings.
MAR 03, 2008
By  Bloomberg
Robert R. Carter is stepping down from his role as president of NFP Insurance Services Inc., according to documents filed with the Securities and Exchange Commission last week. He will stay on as a consultant to the company for a $400,000 salary. The news of Mr. Carter's departure triggered Keefe Bruyette to downgrade NFP’s shares from “outperform” to “market perform” on Friday, which sent the stock spiraling down to about $24, the lowest level since its initial public offering in 2004. This “resignation is a sign National Financial Partners’s house is in disarray in our opinion confirming commentary we have anecdotally heard since NFP reported fourth-quarter earnings for 2007,” Keefe Bruyette & Woods Inc., a New York-based analyst, in published reports. The departure follows last month’s announcement that Jeff Montgomery quit his post as chief executive of NFP Securities in Austin, Texas and his post of chief operating officer of NFP Insurance Services. In addition, Michael Wodchis, senior VP for NFP Insurance Services has left the company, according to industry sources. NFP declined to comment on the report of Mr. Wodchis’ departure.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound