DPL Financial Partners LLC, an independent insurance consulting firm, will expand in Louisville with a $3.6 million-plus investment expected to create 40 full-time, high-paying jobs, Gov. Matt Bevin and Louisville Mayor Greg Fischer announced today.
“The financial services industry is building momentum in Kentucky, which is yet another sign of a fast growing economy,” Gov. Bevin said. “DPL’s expansion is proof that service companies are realizing the many advantages of doing business in Kentucky, including our skilled employees, high quality of life, low business costs and close proximity to much of our nation’s population. We welcome DPL to the commonwealth and are grateful to them for their investment here.”
DPL, currently on Stanley Gault Parkway, will move within Louisville as part of its expansion. Company leaders have yet to finalize the exact location. Following a soft launch in 2017 and with recent recruitment of investors, the company stands primed for growth. In the coming months, DPL will add sales and marketing, information technology and finance positions to its current staff.
“Louisville is an ideal location for our growing firm,” said David Lau, DPL founder and CEO. “We’ve attracted experienced, talented individuals to our team and appreciate the governor’s support as we look to expand our staff in the future.”
DPL is an insurance network for registered investment advisors, providing them and other fee-based advisory practices with a new model for offering low-cost, commission-free insurance to consumers. Lau founded DPL in 2014 to provide consultation to some of the nation’s largest insurance carriers on commission-free products. The commission-free approach saves money for customers, increases value and, ultimately, improves insurance products.
Mayor Fischer said the company makes a great fit in the city’s existing insurance and financial business community.
“Louisville is proud to have a historically strong financial services sector that can support new business growth such as these new, high-wage jobs at DPL Financial Partners,” he said. “I applaud DPL’s double down on investment in our city and look forward to seeing their fast-paced rise on the national financial services scene.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in January preliminarily approved the company for tax incentives up to $600,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over a five-year agreement term through corporate income tax credits and wage assessments by meeting certain targets. Those targets are: creation of up to 40 jobs paying at least an average $62 an hour including benefits, and the investment of $3.6 million. The company has since decided to inject more capital into the project without additional incentives.
In addition, DPL can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.
For more information on DPL Financial Partners, visit www.dplfp.com.