SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

CALLAHAN R BRUCE

(Last)

(First)

(Middle)

1250 CAPITAL OF TEXAS HWY.

SUITE 500

(Street)

AUSTIN

78746

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/16/2007

3. Issuer Name and Ticker or Trading Symbol
NATIONAL FINANCIAL PARTNERS CORP [ NFP ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	27,342⁽¹⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option (Right to Buy)	⁽²⁾	01/12/2009	Common Stock	37,500	$10	D
Stock Option (Right to Buy)	⁽³⁾	09/17/2003	Common Stock	5,000	$23	D
Restricted Stock Units	⁽⁴⁾	⁽⁵⁾	Common Stock	803	$0	D
Restricted Stock Units	⁽⁶⁾	⁽⁵⁾	Common Stock	1,461	$0	D
Restricted Stock Units	⁽⁷⁾	⁽⁵⁾	Common Stock	1,355	$0	D
Restricted Stock Units	⁽⁸⁾	⁽⁵⁾	Common Stock	1,189	$0	D
Restricted Stock Units	⁽⁹⁾	⁽⁵⁾	Common Stock	10	$0	D
Restricted Stock Units	⁽¹⁰⁾	⁽⁵⁾	Common Stock	1,184	$0	D

Explanation of Responses:

1. Includes 21,861 shares owned jointly with Reporting Person's spouse.

2. Options are fully vested.

3. Options vest in five equal annual installments commencing September 28, 2003.

4. Restricted Stock Units ("RSUs") vest in three equal annual installments commencing December 16, 2005. Once vested, RSUs are immediately payable in shares of Issuer's Common Stock.

5. N/A

6. RSUs vest in three equal annual installments commencing November 16, 2006. Once vested, RSUs are immediately payable in shares of Issuer's Common Stock.

7. RSUs vest in two equal annual installments commencing February 17, 2007. Once vested, RSUs are immediately payable in shares of Issuer's Common Stock.

8. RSUs vest in three equal annual installments commencing November 16, 2007. Once vested, RSUs are immediately payable in shares of Issuer's Common Stock.

9. RSUs vest in two equal annual installments commencing December 16, 2006. Once vested, RSUs are immediately payable in shares of Issuer's Common Stock.

10. RSUs vest in two equal annual installments commencing February 16, 2008. Once vested, RSUs are immediately payable in shares of Issuer's Common Stock.

	Stephanie Scherr Olson, Attorney-in-Fact for R. Bruce Callahan	05/16/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.