Veritat, which was co-founded in 2008 by Kent Smetters leverages a proprietary online financial planning platform designed to support advisors who serve the mass market and the company combines advanced technology systems with practical and customer-driven financial advice.
Commenting on the proposed acquisition, Esther Stearns, CEO of NestWise, said, "This strategic acquisition will significantly enhance the technology capabilities of NestWise as we look to serve the mass market. NestWise, which will operate as a registered investment advisory firm, will leverage both Veritat’s robust technology base and LPL Financial’s industry-recognized advisory platform and deep expertise in supporting independent advisors."
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Smetters will continue his support of Veritat by serving as a consultant to NestWise.
The financial terms of the transaction whch is expected to close during the third quarter of 2012, were not disclosed.
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