LPL Financial LLC (NASDAQ: LPLA) (“LPL Financial” or “LPL”) today
announced that the firm has entered into a definitive agreement to
acquire The Investment Center, Inc., (“The Investment Center”) a
broker-dealer and registered investment adviser based in
Bedminster, N.J.
“The Investment Center fosters an entrepreneurial approach that
has driven their success in reaching nearly $9 billion in assets,”
said Rich Steinmeier, managing director and chief growth officer at
LPL Financial. “By bringing The Investment Center’s 240
high-performing advisors to LPL, we look forward to serving their
thriving businesses and providing them our industry-leading service
and technology.”
The Investment Center was founded in 1986 to provide back-office
support services, investment tools, technology and a broad
selection of non-proprietary products to a national network of
independent financial advisors. The Investment Center shares LPL’s
advisor-first philosophy, and its emphasis on independence has been
key to its growth.
“LPL’s commitment to the success of its advisors aligns with our
core values and dedication to service,” said Ralph DeVito,
president and chief executive officer at The Investment Center.
“This acquisition is a milestone that reflects our commitment to
excellence over the past 35 years. At The Investment Center, we
have always prioritized the success and empowerment of our
advisors, and through LPL Financial, we will enhance our ability to
support them with access to even more robust resources and
solutions.”
The Investment Center and LPL were introduced as part of LPL’s
planned acquisition of Atria Wealth Solutions, Inc., which was
announced earlier this year. LPL expects to close and convert the
acquisition of The Investment Center in the first half of 2025,
subject to receipt of regulatory approval and other conditions.
Financial and Legal Advisors to the
TransactionBerkshire Global Advisors is acting as lead
financial advisor to The Investment Center, with Seward &
Kissel LLP serving as The Investment Center’s legal counsel.
About The Investment Center, Inc.The Investment
Center, Inc., is an independent broker-dealer founded in 1986 with
the purpose of providing back-office support services, investment
tools, technology, and a broad selection of non-proprietary
products to a national network of more than 240 independent
financial advisors in offices across the nation. Headquartered in
Bedminster, New Jersey, The Investment Center is registered to
conduct securities business in all 50 states and is a member of
both the Financial Industry Regulatory Authority (FINRA) and
Securities Investor Protection Corporation (SIPC). For more
information, visit www.investmentctr.com.
About LPL Financial LPL Financial Holdings
Inc. (Nasdaq: LPLA) was founded on the principle that LPL should
work for advisors and institutions, and not the other way around.
Today, LPL is a leader in the markets we serve, serving more than
23,000 financial advisors, including advisors at approximately
1,000 institutions and at approximately 580 registered investment
advisor firms nationwide. We are steadfast in our commitment to the
advisor-mediated model and the belief that Americans deserve access
to personalized guidance from a financial
professional.
At LPL, independence means that advisors and institution leaders
have the freedom they deserve to choose the business model,
services and technology resources that allow them to run a thriving
business. They have the flexibility to do business their way. And
they have the freedom to manage their client relationships, because
they know their clients best. Simply put, we take care of our
advisors and institutions, so they can take care of their
clients.
Securities and Advisory services offered through LPL
Financial, a registered investment advisor. Member
FINRA/SIPC. LPL Financial and its affiliated companies provide
financial services only from the United
States.
The Investment Center and LPL Financial are separate
entities.
Throughout this communication, the terms “financial advisors”
and “advisors” are used to refer to registered representatives
and/or investment advisor representatives affiliated with LPL
Financial.
We routinely disclose information that may be important to
shareholders in the “Investor Relations” or “Press Releases”
section of our website.
Forward-Looking Statements
Certain of the statements included in this press release,
including statements regarding LPL Financial and its potential
growth, business strategy and plans, including the expected
benefits of LPL Financial’s acquisition of The Investment Center,
constitute forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Words such
as “expects,” “believes,” “anticipates,” “plans,” “assumes,”
“estimates,” “projects,” “intends,” “should,” “will,” “shall” or
variations of such words are generally part of forward-looking
statements. Forward-looking statements are made based on current
expectations and beliefs concerning future developments and their
potential effects upon LPL Financial, The Investment Center or both
as of September 4, 2024. In particular, LPL Financial can provide
no assurance that the assets reported as serviced by financial
advisors affiliated with The Investment Center (“TIC Advisors”)
will translate into assets serviced by LPL Financial, that TIC
Advisors will transition registration to LPL Financial, that
institutions served by The Investment Center or TIC Advisors (“TIC
Institutions”) will join LPL or that the benefits that are expected
to accrue to LPL Financial, The Investment Center and their
respective advisors and stockholders as a result of the transaction
described herein will materialize. These forward-looking statements
are not a guarantee of future performance and involve risks and
uncertainties, including economic, legislative, regulatory,
competitive and other factors, and there are certain important
factors that could cause actual results or the timing of events to
differ, possibly materially, from expectations or estimates
expressed or implied in such forward-looking statements. Important
factors that could cause or contribute to such differences include:
the failure of the parties to satisfy the closing conditions
applicable to the acquisition in a timely manner or at all,
including obtaining the required regulatory approvals; disruptions
to the parties’ businesses as a result of the announcement and
pendency of the transaction; difficulties and delays in recruiting
TIC Advisors or TIC Institutions, or onboarding the clients or
businesses of TIC Advisors or TIC Institutions; the inability by
LPL Financial to sustain revenue and earnings growth or to fully
realize revenue or expense synergies or the other expected benefits
of the transaction, which depend in part on LPL Financial’s success
in onboarding assets currently served by TIC Advisors; disruptions
of LPL Financial’s or The Investment Center’s businesses due to
transaction-related uncertainty or other factors making it more
difficult to maintain relationships with their respective financial
advisors and their clients, employees, other business partners or
governmental entities; the inability to implement onboarding plans
and other consequences associated with acquisitions; the choice by
clients of TIC Advisors not to open brokerage and/or advisory
accounts at LPL Financial or move their assets from The Investment
Center to LPL Financial; unforeseen liabilities arising from the
acquisition of The Investment Center; changes in general economic
and financial market conditions, including retail investor
sentiment; fluctuations in the value of assets under custody; the
effects of competition in the financial services industry,
including competitors’ success in recruiting TIC Advisors; and the
other factors set forth in the “Risk Factors” and “Special Note
Regarding Forward Looking Statements” sections included in LPL
Financial’s 2023 Annual Report on Form 10-K and in subsequent
filings with the Securities and Exchange Commission. Except as
required by law, LPL Financial specifically disclaims any
obligation to update any forward-looking statements as a result of
developments occurring after the date of this press release, and
you should not rely on those statements as representing LPL
Financial’s views as of any date subsequent to the date of this
press release.
Contacts
LPL Media
Relations media.relations@lplfinancial.com (706)
254-4100
LPL Investor
Relations investor.relations@lplfinancial.com
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