Previously known as NFP Advisor Services, Kestra is an independent broker-dealer and RIA headquartered in Austin, TX.

The firm supports over 1,700 independent financial advisors across the US. Its president and chief executive, James Poer, will continue to lead the firm, and its board of directors will include Douglas Hammond, chairman and CEO at NFP.

The agreement to sell the stake in Kestra was initially announced on April of this year and the transaction closed on June 24. Financial terms were not disclosed.

Stone Point said previously that its expertise in financial services will further strengthen Kestra’s wealth management solutions, technology platform and business consulting offerings.

NFP’s ultimate parent will maintain a “substantial minority” ownership interest in Kestra, according to a statement.