LPL Financial Purchases Stake in RIA Private Advisor Group  

LPL Financial has bought a minority stake in New Jersey-based Private Advisor Group, which manages over $41.3 billion in client assets.  

Morristown-based Private Advisor Group, founded in 1997, struck a deal with LPL Financial on November 18 and offers investment management, legacy planning, and wealth management, per the firm’s website. 

Private Advisor Group serves as an office of supervisory jurisdiction for advisors conducting business through LPL Financial. 

LPL Financial, which serves as Private Advisor Group’s primary custodian and broker-dealer, is joining the firm’s existing minority investor, Merchant Investment Management. Following the investment, Private Advisor Group will continue to operate under its existing brand while working with LPL and Merchant, the firm said.

Merchant Investment Management, which bought a minority stake in Private Advisory Group in 2021, will remain as a minority investor in the firm.

Private Advisor Group also uses BNY Pershing, Charles Schwab, Fidelity, SEI, Interactive Brokers, U.S. Bank, AssetMark Trust, TIAA-CREF, and National Advisors Trust Company for its services and custody and clearing services, according to its latest Form ADV Part 2A Brochure. 

Recently, LPL Financial added a pair of financial advisors to its employee advisor channel, Linsco, from Janney Montgomery Scott, where they oversaw $330 million in advisory, brokerage, and retirement plan assets.