LPL Financial said Wednesday it signed a definitive agreement to buy Bedminster, New Jersey-based broker-dealer and RIA The Investment Center, supporting 240 advisors and approximately $9 billion in brokerage and advisory assets. LPL expects to close and convert the acquisition in the first half of 2025.
Berkshire Global Advisors is serving as lead financial advisor to The Investment Center, and Seward & Kissel is acting as its legal counsel.
The Investment Center and LPL were introduced as part of LPL’s planned purchase of New York-based wealth management solutions holding company Atria Wealth Solutions, announced in February.
“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,” he said.
The Investment Center was started in 1986 to provide back-office support services, investment tools, technology and non-proprietary products to independent advisors.
The Investment Center “shares LPL’s advisor-first philosophy, and its emphasis on independence has been key to its growth,” according to a press release.
“LPL’s commitment to the success of its advisors aligns with our core values and dedication to service,” according to Ralph DeVito, President and CEO of The Investment Center.
“This acquisition is a milestone that reflects our commitment to excellence over the past 35 years,” DeVito said. “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.”
LPL serves over 23,000 financial advisors, including advisors at about 1,000 institutions and at approximately 580 RIA firms, it said.
In June, LPL recruited advisor David Hilbig from Corebridge Financial, and in May, it recruited $4.6 billion Pilot Financial from Lincoln Financial.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
