Nationwide has agreed to purchase Jefferson National, an insurance and registered investment advisory shop, from Napier Park Financial Partners for an undisclosed amount. The deal, which is expected to close in early 2017, expands the buyer’s financial services to a network of more than 4,000 registered investment advisors.
Jefferson is a fee-based retirement and financial investment advisory firm based in Louisville, Kentucky. The buyer services defined contribution retirement plans and also designs Monument Advisor, the company’s first flat-fee investment only variable annuity product. As part of the deal, Jefferson will become a subsidiary of Columbus, Ohio-based Nationwide.