Stone Point is acquiring majority ownership of Kestra and NFP’s ultimate parent will maintain a substantial minority ownership stake.

Stone Point said its expertise in financial services will further strengthen Kestra’s wealth management solutions, technology platform and business consulting offerings. The transaction, which is subject to customary closing conditions, is expected to close within 90 days. The terms of the deal were not disclosed.

Douglas Hammond, chairman and chief executive at NFP, will serve as a member of Kestra’s board of directors.

NFP and Kestra have also entered into long-term reciprocal agreements for Kestra to serve as the preferred broker-dealer and RIA for NFP offices and membership organizations.