Invest Financial Corporation
From Wikipedia, the free encyclopedia
 | |
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 1982 |
| Founder | Dan McConnell |
| Defunct | 2018 |
| Fate | Acquired |
| Successor | LPL Financial |
| Headquarters | , |
Key people | Steve H. Dowden, President & CEO |
| Products | Financial services, stocks & bonds, mutual funds, fixed & variable annuities |
| Revenue | $237 million USD (2012) |
Number of employees | 165 (2018) |
| Website | www |
Invest Financial Corporation was an American broker/dealer that operated between 1982 and 2018 when it was acquired by LPL Financial.[1]
Invest supervised and supported both financial institutions and independent registered representatives who offered 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.
By 2018, 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 was located in Tampa, Florida and employed over 165 staff members who supported financial advisers.[1]
Key dates
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]
- 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 Savings and Loan and other Savings and Loans.
- 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
- 2018 – February 14, 2018, Invest closes after being sold to LPL Financial.