LPLA LPL Financial Holdings Inc

LPL Financial LLC (NASDAQ: LPLA) today announced it has closed its acquisition of the wealth business of The Investment Center, Inc., a broker-dealer and registered investment adviser based in Bedminster, N.J.

“We welcome The Investment Center’s 160 high-performing advisors to our network. Their entrepreneurial spirit and dedication to client success are a strong fit for LPL’s culture," said Reed Eastley, executive vice president, corporate development at LPL. “Through LPL, The Investment Center can continue to grow and support its network of advisors with expanded access to LPL’s integrated technology, wealth management platforms and resources to help them operate efficiently and deliver more value to their clients.”

“We are incredibly proud of our advisors and their unwavering commitment to the best outcomes for our clients,” said Ralph DeVito, president and chief executive officer at The Investment Center. “Our deliberate approach to growth has allowed us to maintain a 'small firm' feel for our advisors. Joining LPL is the next step that will empower them to deliver exceptional service and achieve even greater heights.”

As of March 11, approximately $4 billion of brokerage and advisory assets have been onboarded to LPL. The remaining approximately $3 billion of assets are expected to onboard over the next several months.

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 160 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) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC.  

The Investment Center, LPL Financial Holdings 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 release, such as those 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, The Investment Center or both. In particular, LPL Financial can provide no assurance that the assets reported as serviced by The Investment Center financial advisors will translate into assets serviced at LPL Financial, or that The Investment Center financial advisors will join LPL Financial. 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: difficulties or delays of LPL Financial in onboarding The Investment Center financial advisors, staff or clients, which could negatively affect LPL Financial’s ability to realize revenue or expense synergies or other expected benefits of the transaction; the inability of 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 The Investment Center’s advisors; disruptions to The Investment Center’s or LPL Financial’s businesses due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with their financial advisors and their clients, employees, other business partners or governmental entities; the choice by clients of The Investment Center’s advisors not to open brokerage and/or advisory accounts at LPL Financial or move their assets from The Investment Center to LPL Financial; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; and the effects of competition in the financial services industry, including competitors’ success in recruiting The Investment Center’s advisors. Certain additional 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 can be found in the “Risk Factors” section included in LPL Financial’s most recent Annual Report on Form 10-K. Except as required by law, LPL Financial does not undertake to update any particular forward-looking statement included in this document as a result of developments occurring after the date of this press release.

Contacts 

LPL Media Relations media.relations@lplfinancial.com 

LPL Investor Relations investor.relations@lplfinancial.com 

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