DPL Taps Veteran Mendenhall to Lead RIA Insurance Expansion

LOUISVILLE, KY – December 16, 2025 – DPL Financial Partners, a key architect in the commission-free insurance marketplace for financial advisors, has appointed industry veteran Brad Mendenhall as its new Executive Vice President of Insurance Solutions. The strategic hire signals a major push to deepen its offerings as Registered Investment Advisors (RIAs) increasingly turn to insurance products to fulfill their fiduciary duties and deliver more comprehensive financial plans.

The move comes at a pivotal moment for both DPL and the wider wealth management industry. The firm, which supports 8,500 advisory firms managing a collective $3 trillion, recently surpassed $5 billion in assets under administration on its platform. This growth is fueled by a seismic shift in the advisory world, where insurance and annuities—once seen as complex, commission-laden products—are being reimagined as essential tools for holistic, client-first planning.

The Fiduciary Frontier: Insurance's New Role in Wealth Management

For years, a chasm existed between the fee-only RIA community and the insurance industry. The traditional commission-based sales model created a fundamental conflict of interest for fiduciaries, who are legally bound to act in their clients' best interests. This forced many RIAs to either ignore insurance needs, leaving gaps in client financial plans, or refer clients to outside agents, relinquishing control of the relationship.

However, the landscape is rapidly changing. The rise of commission-free insurance products has dismantled this barrier, enabling RIAs to integrate solutions for risk management, retirement income, and tax-efficient wealth transfer directly into their planning process. According to recent industry data, the RIA channel is now viewed as the primary growth engine for the annuity industry, with client demand for holistic advice extending beyond simple asset allocation.

This trend is underpinned by clear client needs. As millions of Americans enter retirement, the demand for guaranteed income streams to protect against longevity risk has surged. Commission-free annuities offer a transparent way for RIAs to address this need. Furthermore, products like life, disability, and long-term care insurance are being recognized not as standalone sales, but as integral components of a resilient financial strategy that protects a client's wealth and future income. An IRS private letter ruling that simplified the process for RIAs to deduct advisory fees from nonqualified annuities has further accelerated this adoption, aligning the products perfectly with the AUM-based fee model.

“More and more, our RIA member firms are asking for solutions to strengthen their financial planning toolkit,” said DPL Chief Growth Officer Tom Smith in a statement. “Our commitment is to provide ‘Best-in-Class’ insurance solutions.”

A Veteran to Navigate a Changing Landscape

To spearhead this expansion, DPL has brought in Brad Mendenhall, a leader with over three decades of experience building and scaling insurance distribution channels. His extensive resume includes serving as president of Concourse Financial Group, managing director at Protective Life, and a more than decade-long tenure as national sales director at Lincoln Financial Distributors, where he led his team to ten consecutive years of sales growth.

Mendenhall’s appointment is a clear statement of intent. His deep experience is expected to be crucial as DPL works with insurance carriers to design new products and refine technology specifically for the RIA model. This involves not just removing commissions, but also creating a seamless, integrated experience for advisors who are accustomed to sophisticated digital workflows.

“Brad’s deep experience building and leading insurance distribution platforms will be instrumental as we work with carriers to deliver products and processes that align with a RIA’s business model and holistic planning approach,” Smith noted. “Under Brad’s leadership, we’ll expand and refine our insurance platform to provide better value for clients and an integrated experience for advisors.”

Mendenhall himself views the role as an opportunity to connect advisors with the next generation of insurance tools. “Insurance is evolving to play a more critical role in solving financial planning challenges and I’m eager to help DPL bridge the gap between what advisors have today and the modern insurance solutions their clients need,” Mendenhall stated. He emphasized a focus on expanding both products and technology to arm RIAs with solutions for protection and tax-efficient wealth transfer.

The Commission-Free Revolution Gains Momentum

DPL Financial Partners has been at the forefront of this industry transformation. As a pioneer of the turnkey insurance marketplace for RIAs, the company has built a platform offering commission-free versions of a vast array of annuity, life, long-term care, and disability products. By stripping out sales commissions, these products can offer lower costs, higher returns, and greater transparency, eliminating the conflicts that long plagued the industry.

The model’s success is evident in DPL's growth metrics. The firm, founded by industry innovator David Lau, reportedly facilitated an estimated 57% of all RIA annuity sales in 2023, a testament to its dominant position in this niche. Its recent milestone of surpassing $5 billion in assets under administration underscores the rapid market adoption of the commission-free approach.

This momentum is also being fueled by a favorable regulatory environment. The Department of Labor’s proposed Retirement Security Rule, which aims to apply a broad fiduciary standard to all retirement advice, is expected to further benefit platforms like DPL. By already operating under a fiduciary-aligned, transparent model, the company is well-positioned for a future where acting in the client's best interest is not just a best practice, but a regulatory mandate across the financial advice spectrum.

Navigating a Crowded and Competitive Field

While DPL enjoys a first-mover advantage, it is no longer the only player in the game. The opportunity to serve the fast-growing RIA market has attracted significant competition. Major wealth management platforms have entered the fray, including the Envestnet Insurance Exchange and Flourish, a marketplace backed by insurance giant MassMutual that launched in 2024. Other platforms like RetireOne, Halo Investing, and Luma have also expanded their offerings to include fee-based annuities, creating a more crowded and dynamic competitive landscape.

In this environment, Mendenhall’s leadership becomes even more critical. His task will be to not only expand DPL’s product shelf but also to reinforce its key differentiators: a pure-play focus on serving RIAs, deep technological integrations with essential advisor tools like Orion and SS&C’s Black Diamond, and a commitment to providing expert, licensed consultant support.

As the lines between investment management, financial planning, and insurance continue to blur, DPL's strategic hire of Mendenhall is a decisive move to ensure it remains at the vanguard. His leadership will be pivotal in shaping the platform's ability to meet the sophisticated demands of fiduciaries and their clients in an increasingly integrated financial world.