Donna Blank has led financeoperations since joining NFP in 2008. The New York-based companyprovides benefits, insurance and wealth management services tocompanies and high-net-worth individuals. NFP, with $982 million in2010 revenue, has weathered the economic hardships of the last twoyears to emerge with a new reporting structure that reflects thecompany's strategy going forward.

T&R: One of the recent initiatives at NFPhas been a change in reporting structure. Why was that an importantmove?
Blank: The financial crisis for us coincided witha time when the company was becoming more mature. NFP is arelatively young company, started in 1999. So the way we respondedto the crisis, in addition to reducing our leverage and disposingof non-performing assets, was to change strategy from being aconsolidator of small brokerage firms to a much more client-centricbusiness. We reorganized into three operating segments. One segmentfocuses on the corporate client, the middle market executives whowant to buy corporate benefits for their employees. The next is theIndividual Client Group. This group includes the business that hadbeen the genesis of NFP, the life insurance business with a focuson high-net-worth individuals. There is sometimes crossover betweenthe executives served in the Corporate Client Group who also, asindividuals, want to buy life insurance. And then we have a newsegment, which had always been part of the business, ourbroker-dealer and registered investment adviser. This business,called the Advisor Services Group, was initially developed as autility for the rest of our business, but we decided it had reallyreached the stage where it needed to be on its own and startbuilding scale by itself.

So given that change in the focusand the strategy of the business, it made sense to show thefinancials separately for each of those business lines. The goalthat I focused on, in particular, was to have financials thatprovided a clear road map for understanding the underlyingeconomics of the business, especially given the change in thestrategy. We adopted some new metrics that were similar to thoseused by peer companies. We adopted adjusted EBITDA, which had notbeen something that we had ever used before but that otherinsurance brokers reported. This metric seemed like a good way tostart translating the company for the market. It provides insightinto our relative size, as well as the kind of margins that we havein the business.

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