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December 5, 2018

LPL Financial acquires wealth tech provider AdvisoryWorld

LPL Financial, a retail investment advisory firm and independent broker/dealer, has acquired wealth management technology provider AdvisoryWorld in a cash deal worth $28m.

Set up in 1987, the California-based firm offers proposal generation, investment analytics and portfolio modeling capabilities. The business tends to over 30,000 financial advisers and institutions in the US.

LPI paid for the deal using existing cash reserves. It will now integrate it’s technology into its proprietary ClientWorks platform.

President Michael Wilson said: “LPL’s scale gives us access to more resources that will enable us to expand our core offerings and serve the financial services industry in new and different ways in the future.”

As part of the deal, Wilson will assume the role of executive vice president at LPL.

The acquired entity will continue to operate on a standalone basis with its existing employees. The company will also retain its existing brand and operating model.

Besides, the technology firm will continue to sell its tools to firms that are not affiliated with LPL.

LPL president and CEO Dan Arnold said: “This acquisition is another example of our capacity to invest in our advisers’ business as we remain focused on delivering best-in-class capabilities and tools to help them differentiate and win in the marketplace.”

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