Invest Financial Corporation

Invest Financial Corporation (styled by the company in its own literature as INVEST Financial Corporation) was an American full-service broker/dealer, registered with the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation, the U.S. Securities and Exchange Commission (SEC) and state insurance agencies in all 50 states.[1] Invest supervises and supports both financial institutions and independent registered representatives who offer advisory services, investment and insurance products.[1] Invest was formed in 1982[1] under Dan McConnell and was the first firm to offer securities inside a bank lobby.

Invest Financial Corporation
TypePrivate
IndustryFinancial Services
Founded1982 (1982)
FounderDan McConnell
Headquarters
Tampa, FL
,
USA
Key people
Steve H. Dowden, President & CEO
ProductsFinancial Services, Stocks & Bonds, Mutual Funds, Fixed & Variable Annuities
Revenue$237 million USD (2012)
Number of employees
165
Websitewww.investfinancial.com

Invest had over $24 billion in assets managed by over 1,200 Advisers who are registered with Invest. Invest’s total registered advisers accounted for 1,136 full-time advisers and 274 part-time advisers in approximately 150 Financial Institutions. Invest Corporate Office is located in Tampa, Florida and employed over 165 staff members who support financial advisers.[1]

History

Formed and solely-owned by Dan McConnell in 1982, Invest Financial was later bought by Brentwood Securities. Brentwood changed its name to Investment Services for America (ISFA) – ISFA Holding Company. Kemper Financial, a major shareholder of ISFA sold Invest to First American National Bank in 1996. First American National Bank was then bought by AmSouth Bank in mid-1999. In 2000, Invest was sold by AmSouth Bank to National Planning Holdings (NPH) and is still a subsidiary of the corporation. Under the NPH umbrella, in 2004, Invest implemented EOE software and E-Sign technology.[2] EOE is a network of online forms, electronic blotters, and basic compliance checks that representatives use when working with clients. E-Sign, a part of EOE, allows representatives to get client signatures for documentation on an electronic pad, eliminating paperwork.[3]

Key dates
  • 1982 – Founded and solely-owned by Dan McConnell, DBA Evergreen Securities. Bought by Brentwood Securities. Changed name to Investment Services for America (ISFA) – ISFA Holding Company. ISFA Holding bought by Coast Federal S&L and other S&Ls.
  • 1985 – Kemper Financial becomes major shareholder of ISFA.
  • 1992 – Invest exceeds 1000 reps
  • 1996 – Zurich Kemper Investments sells Invest to First American National Bank. Invest acquires broker dealer ICA.
  • 1999 – First American National Bank bought by AmSouth Bank; Rob Jacobsen is first Invest rep to exceed $1 Million.
  • 2000 – AmSouth Bank sells Invest to National Planning Holdings.
  • 2004 – Electronic Order Entry (EOE) and E-Signature (E-Sign) are introduced.
  • 2005 – Invest exceeds $100 Million mark in revenues
  • 2007 – Acquired PFIC Contracts
  • 2008 – Paperless mutual fund processing.
  • 2009 – Steve Dowden becomes CEO
  • 2011 – Over 20 Representatives reach $1 Million
  • 2012 – 30 years of business
  • 2018- February 14, 2018, INVEST closes after being sold to LPL Financial.

Affiliations

Invest Financial Corporation is a subsidiary of National Planning Holdings, Inc. (NPH) a broker-dealer holding company headquartered in Santa Monica, California. NPH is the holding company for four broker-dealers – Invest, National Planning Corporation, Investment Centers of America, and SII Investments, Inc. NPH is an affiliate of Jackson National Life Insurance Company (Jackson), headquartered in Lansing, Michigan. With $165.4 billion in assets (IFRS), Jackson is an industry leader in variable, fixed, and fixed index annuities. The company also offers institutional products.

NPH and Jackson are indirect subsidiaries of Prudential plc, a company incorporated and with its principal place of business in the United Kingdom. Prudential plc and its affiliated companies constitute one of the world’s leading financial service groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and has more than $685 billion in assets under management as of December 31, 2012. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.[4]

Other

Invest has relationships with two independent clearing firms in the U.S. for brokerage accounts and processing trades - National Financial Services, LLC, a wholly owned subsidiary of Fidelity Investments and Pershing, LLC, a subsidiary of the Bank of New York Company, Inc.[5]

References
  1. "Who is Invest Financial Corporation?". Invest Financial Corporation. 2013.
  2. INVEST Financial Timeline, INVEST Financial Corporation. 2013
  3. NPH(SM) Increases Rep Efficiency With eSignature Technology. Business Wire. Jun 27, 2005
  4. How Can We Make Your Life Easier? Page 31. INVEST Financial Corporation. 2012
  5. Online Accounts.INVEST Financial Corporation. 2013
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