National Financial Alliance

What National Financial Alliance does

National Financial Alliance (NFA), founded in 1981 and headquartered in San Antonio, Texas, is an independent, privately held wealth management and financial advisory firm operating through National Financial Alliance LLC. Under the leadership of Founder Bob Wagner and CEO Reagan Wagner, the firm manages over $3 billion in assets through a network of 190+ affiliated advisors and roughly 51–100 internal staff across Texas, Louisiana, Florida, Oklahoma, Washington, and Puerto Rico. NFA delivers wealth management, investment planning, retirement planning, business continuity and succession planning, estate and legacy planning, and risk management and insurance solutions, with a premium Premier Services tier for clients with $5M+ net worth.

Service delivery combines an affiliated Registered Investment Advisor (Strategic Financial Concepts LLC), a broker-dealer relationship with LPL Financial for securities transactions, custody at Schwab Alliance Center, and a private-banking cash-management offering through IFI Network. Revenue is generated through advisory fees on AUM (handled via Strategic Financial Concepts), securities commissions routed through LPL Financial, and insurance commissions across life, health, disability, long-term care, and group benefits products. Distribution runs through the direct advisor network, supplemented by referral partnerships with banks and credit unions that channel member clients into NFA advisors.

The firm supplements advice with an integrated content and community stack: the NFA Studio podcast (10,000+ subscribers), monthly market and retirement webinars, an NFA Client Portal, a Risk Tolerance Quiz, and biannual advisor conferences. The Wagner family remains central to leadership—Bob Wagner as Founder, Reagan Wagner as CEO/President/Managing Principal, and Kristen Wagner as COO/Partner—indicating a family-controlled governance model with no disclosed external private equity or venture capital backing. Strategically, NFA is positioning for multi-state and segment expansion (Premier Services for HNW, NFA Private Banking for cash sweep) built on bank/credit union distribution and an advisor-affiliate model rather than on technology or AI differentiation.

Name

National Financial Alliance

Legal name

National Financial Alliance LLC

Website

https://tnfa.net

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

51–100 employees

Short description

National Financial Alliance is an independent, San Antonio-based wealth management and insurance advisory managing $3B+ in assets for individuals, families, and business owners across the U.S. via a 190+ affiliated advisor network and bank and credit union referral partnerships.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

akta.pro secondary industries

Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI), Broker-Dealer Affiliated Wealth Advisory (FSAEABAB)

Keywords

• Wealth management services
• Financial advisory planning
• Retirement planning solutions
• Estate and legacy planning
• Risk management insurance

Headquarters

HQ city

San Antonio

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Wealth Management Fees: Advisory fees charged for investment management and financial planning services delivered through their RIA, Strategic Financial Concepts LLC
2. Insurance Commissions: Commission-based revenue from insurance products including life, health, disability, and long-term care insurance solutions
3. Securities Commissions: Commissions from securities transactions through LPL Financial, including stocks, bonds, mutual funds, and ETFs

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels9 records

Core offering

National Financial Alliance is an independent wealth management and financial advisory firm that delivers personalized investment planning, retirement planning, estate planning, business succession planning, and risk management/insurance solutions to individuals, families, and business owners. The firm operates through a 190+ advisor network and affiliated entities, with securities offered through LPL Financial and investment advisory services delivered through its wholly-owned RIA Strategic Financial Concepts LLC, managing over $3 billion in client assets.

Product overview

National Financial Alliance (NFA) operates as a comprehensive wealth management and financial advisory firm offering a multi-service platform. The core service portfolio includes Wealth Management, Investment Planning, Retirement Planning, Business Continuity/Succession Planning, Estate & Legacy Planning, and Risk Management & Insurance Solutions. The Premier Services Program serves as the premium tier for business owners, high-net-worth individuals, and multigenerational families requiring integrated solutions across planning, investment, banking, estate, risk management, and governance. NFA Private Banking, delivered through the IFI Network partnership, offers private banking and high-yield savings products. Client-facing digital resources include the NFA Client Portal for account access, the NFA Studio Podcast for financial education, and a Risk Tolerance Quiz for investor profiling. With over 40 years of experience, $3 billion+ in managed assets, and 190+ advisors and affiliates, the firm serves clients across Texas, Louisiana, Florida, Oklahoma, Washington, and Puerto Rico.

Differentiator

Problem solved

Functional benefit

Brands

• Premier Services: Integrated solutions for complex lives serving business owners, multigenerational families, and high-net-worth individuals under one strategic platform. Includes business enterprise, family office, and private client divisions.
• NFA Private Banking
• NFA Studio Podcast

Products and services

• Wealth Management Comprehensive wealth management services focused on maximizing asset growth while minimizing risk through personalized investment strategies tailored to client goals and risk tolerance.
• Investment Planning Personalized portfolio construction balancing growth opportunities with protection from market volatility, using stocks, bonds, mutual funds, and ETFs via LPL Financial broker-dealer platform.
• Retirement Planning Strategic retirement income planning that optimizes 401(k)s, IRAs, Social Security, and pension benefits to ensure savings last a lifetime.
• Business Continuity/Succession Planning Strategic planning for business owners including succession strategies, key employee retention plans, and buy-sell agreements to safeguard company futures.
• Estate & Legacy Planning Wealth transfer and legacy planning collaborating with attorneys, CPAs, and estate planners to ensure asset transference aligns with client wishes while minimizing tax liabilities.
• Risk Management & Insurance Solutions Customized risk management and insurance coverage including life, disability, long-term care, and business insurance to protect families and assets from uncertainties.
• Premier Services Program Integrated financial services platform for business owners, multigenerational families, and high-net-worth individuals offering planning, investment, banking, estate, risk management, philanthropy, fiduciary, wealth administration, education, mergers and acquisitions, governance, and retirement planning under one strategic platform.
• NFA Private Banking Private banking services through partnership with IFI Network offering fully liquid, high-yield savings accounts (HYBA Cash Account) and Enhanced FDIC Insured Cash Account for individuals, trusts, and businesses.

Quantifiable outcome

• $3 Billion+ in assets under management
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• LPL FinancialcoreChannel Partner/ Reseller/ DistributorSecurities are offered through LPL Financial, Member FINRA/SIPC. LPL serves as the primary broker-dealer platform for NFA's securities business, enabling distribution of stocks, bonds, mutual funds, and ETF products.
• Strategic Financial Concepts LLCcoreTechnology or IntegrationRegistered Investment Advisor providing fiduciary investment advisory services. NFA acquired this RIA to establish their own investment advisor platform for wealth management services.
• IFI NetworkcoreStrategic or Co-development PartnerPartnership providing NFA Private Banking services including high-yield savings accounts (HYSA) with FDIC insurance. Offers enhanced FDIC insured cash accounts for clients through the IFI platform.
• Banks and Credit UnionscoreChannel Partner/ Reseller/ DistributorExtensive relationships with banks and credit unions, enabling NFA advisors to serve the customers and members of these institutions with financial planning advice.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Wealth Enhancement Group: Acquisitive RIA serving HNW individuals, families, and business owners with comprehensive wealth management including retirement, estate, and tax planning — mirrors NFA's multi-service HNW/business-owner focus and growth-by-acquisition trajectory.
• Commonwealth Financial Network: Independent broker-dealer/RIA platform serving independent financial advisors across the U.S. with planning tools, custody, and advisor support services — closely aligned with NFA's affiliate-advisor and bank/credit-union distribution model.
• Kestra Financial: Independent wealth management platform supporting independent advisors and RIAs with broker-dealer, RIA, and advisor-services infrastructure — competes with NFA and LPL for the same pool of breakaway and affiliated advisors.
• Sanctuary Wealth: Independent advisor platform combining IBD, RIA, and family-office capability for high-end advisors serving HNW clients — comparable to NFA in targeting experienced breakaway advisors and offering a multi-cap stack.
• Cetera Financial Group: Independent broker-dealer / wealth platform supporting affiliated financial advisors with RIA custody, compliance, and back-office infrastructure — analogous to NFA's LPL Financial + Strategic Financial Concepts model for advisor support and securities distribution.
• Mariner Wealth Advisors: Large independent RIA serving HNW individuals, families, and business owners with integrated wealth management, estate planning, and family office services — directly comparable to NFA's Premier Services offering and HNW/owner-operator target market.
• Cambridge Investment Research: Independent broker-dealer supporting thousands of financial advisors with securities, advisory, and insurance capabilities — directly comparable to NFA's LPL-based IBD model and advisor-affiliation approach.

Others

• IFI Network: Private banking / cash-management platform partner of NFA, providing FDIC-insured high-yield savings accounts via the NFA Private Banking offering — listed because it is a directly disclosed ecosystem partner rather than a competitor.

Broad incumbents

• Edelman Financial Engines: Large national RIA offering wealth management, planning, and investment services to individuals and employer plan participants — broad incumbent operating at materially larger scale than NFA but with overlapping retail-wealth customers.
• Raymond James Financial Services: Large diversified broker-dealer and wealth management firm with affiliated advisor channel serving HNW individuals and business owners — broader incumbent with overlap to NFA's HNW and business-owner target segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@NationalFinancialAlliance
• Facebookfacebook.com/TheNationalFinancialAlliance
• LinkedInlinkedin.com/company/nationalfinancialalliance
• Xx.com/nfa_wealthmgmt

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Financial Alliance