Roll-up firm's fast growth obscures several faults.

Manhattan, New York City-based National Financial Partners Corp. (NFP) which offers financial planning and investment consulting to wealthy people and small and midsized businesses, has grown exponentially. Since its founding just five years ago, it has made more than 140 acquisitions, and just last year it posted its first profit. In its IPO prospectus, the company revealed that three of the larger financial consulting firms it owns had stumbled badly shortly before they agreed to be acquired. In the first six months of this year, NFP had per-share earnings of 21 cents, two cents better than a year ago, while revenue grew 31%, to $216 million. The stock market has surged this year, so presumably business is better at the firms NFP is acquiring. NFP says in its prospectus that its many units are rebounding.