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DPL Financial Partners
DPL Financial Partners founder David Lau built the largest fee-only annuity platform for RIAs, aggregating demand from over 5,000 advisor firms.
DPL Financial Partners
Louisville-based DPL launched in 2016 after founder David Lau recognized a structural mismatch: fee-only registered investment advisors were prohibited from earning commissions, effectively cutting their clients off from a product class that represented a significant share of US retirement assets. The firm operates as a membership-based platform that aggregates RIA demand, negotiating commission-free annuity contracts directly with carriers that its member firms can then integrate into fiduciary planning frameworks. The platform covers a multi-asset insurance spectrum including fixed indexed annuities, registered index-linked annuities (RILAs), single premium immediate annuities (SPIAs), and fixed-rate products. Carrier partners include Nationwide, Lincoln Financial, and Pacific Life. Rather than taking distribution margin, DPL monetizes through flat membership fees and small per-contract charges, aligning its incentives with the fee-only fiduciary standard. The company reports coverage across all 50 states. The firm has attracted venture backing — its cap table includes Los Angeles-based Eldridge, the holding company run by Todd Boehly. In November 2023, DPL named former Orion executive Eric Clarke to its board (per public filings, November 2023). The company has not disclosed AUM or exact headcount but states that more than 5,000 advisor firms use the platform to source annuity products. DPL's structural edge comes from its position as an insurance general store purpose-built for advisors who cannot legally accept commission-based products. By aggregating RIA demand into a single negotiating vehicle, the firm extracts institutional pricing that individual advisors cannot replicate, while carriers gain access to a distribution channel that previously remained walled off by fiduciary regulation.
General information
Firm type
Asset Manager
Year founded
2016
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Louisville
Corporate office
Louisville, KY, United States
Principals
David Lau
CEO
Sector focus
Frequently asked questions
Who runs DPL Financial Partners?
David Lau is the founder and CEO. Lau spent over 15 years on the carrier and distribution side of insurance — including leadership roles at Allianz Life and Jefferson National — before launching DPL in 2016 to solve the fee-only annuity gap for RIAs. He has publicly described the firm as a technology-forward solution to a structural compliance problem.
How does DPL Financial Partners make money if it doesn't take commissions?
DPL charges its advisor members a flat annual membership fee plus small per-contract fees when annuities are placed through the platform. It does not take distribution margin or carrier commissions. The firm's compensation structure is designed to maintain a neutral, fiduciary posture that aligns with how fee-only RIAs bill their own clients.
Which insurance carriers does DPL partner with?
Confirmed carrier partners include Nationwide, Lincoln Financial, and Pacific Life, among others. DPL negotiates commission-free variants — sometimes called 'fee-based annuity suites' — that strip out distribution costs and offer lower total all-in fees suitable for advisory portfolios.
Is DPL Financial Partners an RIA itself?
No. DPL is a technology and product-access platform, not a registered investment advisor. Its members are the approximately 5,000 RIA firms and fiduciaries that use the platform. DPL provides product access, carrier research, and compliance infrastructure; the member advisor retains full authority over client recommendations and portfolio construction.
What types of annuities does DPL's platform cover?
The platform offers a multi-asset insurance shelf including fixed indexed annuities, registered index-linked annuities (RILAs), single premium immediate annuities (SPIAs), deferred income annuities, and multi-year guaranteed annuities (MYGAs). The common thread across the product set is the removal of embedded commission loads.
Who invested in DPL Financial Partners?
Eldridge, the holding company founded by Todd Boehly, is a disclosed investor. DPL has completed multiple venture funding rounds, with proceeds supporting carrier partner expansion and platform technology development.
What is DPL's relationship with the broader RIA community?
DPL serves as a market-access layer between fiduciary RIAs and annuity carriers. By aggregating thousands of independent advisory firms into a single buyer group, it extracts institutional pricing structures that individual RIAs cannot negotiate alone. The firm positions itself as infrastructure, not advice — it does not compete with RIAs for client relationships.
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