NFP Canada Purchases RIA

By Chris Glynn


NFP Canada has acquired a Toronto private wealth manager before the Fourth of July weekend, according to a press statement.


The company said it purchased $4.3 billion Newport Private Wealth Management, a registered investment advisor with 70 employees founded in 2001.


In its statement, National Financial Partners Corporation, or NFP – owner of NFP Canada – did not reveal the cost of obtaining Newport Private Wealth. Joshua Wozman, head of corporate communication for NFP in Los Angeles, did not respond to an email.


John Haas, president of NFP Canada, said in a statement that Newport Private Wealth “squarely aligned with its North America private wealth business.” A phone call as well as an email sent to Mark Kinney, cofounder and chief investment officer of Newport Private Wealth, were not returned.


Opened in 1998, NFP – as well as NFP Canada, which launched in 2008 – is a life insurance broker-dealer as well as retirement consultant with a growing presence in private wealth management. Chicago private equity firm Madison Dearborn Partners took NFP private in July 2013, offering $1.3 billion, or $25.35 per share. 


MDP, with $25 billion under management, has repositioned NFP as a serial RIA acquirer. In October 2019, NFP bought Wealthspire Advisors, a recombined RIA of both previously acquired Bronfman Rothschild as well as Sontag Advisory


With $17 billion under management, Wealthspire Advisors under NFP bought $2.1 billion Lennox Wealth Advisors in January 2022, $2.7 billion Private Ocean Wealth Management in November 2021, and StratWealth in October 2020.