LPL Financial Acquires $9B NJ RIA
LPL Financial LLC has acquired The Investment Center, Inc., a Bedminster, NJ-based broker-dealer and registered investment advisor with an approximately 240-person team and about $9 billion in assets.
Financial terms of the deal, which is expected to close in the first half of 2025, were not disclosed.
The Investment Center was founded in 1986 to provide back-office support services, investment tools, technology and non-proprietary products to independent financial advisors.
“LPL’s commitment to the success of its advisors aligns with our core values and dedication to service,” said Ralph DeVito, president and CEO at The Investment Center. “This acquisition is a milestone that reflects our commitment to excellence over the past 35 years.”
The Investment Center and LPL were introduced as part of LPL’s planned acquisition of Atria Wealth Solutions, Inc., a NY-based wealth management solutions holding company with approximately 2,400 advisors and 150 banks and credit unions, managing about $100 billion in assets, which was announced earlier this year.
LPL serves over 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide.
Berkshire Global Advisors is acting as lead financial advisor to The Investment Center, with Seward & Kissel LLP serving as The Investment Center’s legal counsel.
