July 14, 2010
--- As part of the acquisition of National Retirement Partners (NRP), NRP employees will join LPL Financial to will form a new division called LPL Financial Retirement Partners. ---
LPL Financial Corporation announced Wednesday that its parent company, LPL Holdings Inc., will acquire certain assets from NRP and NRP’s advisers “will have the opportunity to join LPL Financial" (see "LPL Acquiring NRP").
LPL Financial Retirement Partners will be led by NRP’s current CEO and president, Bill Chetney.
“This strategic acquisition will further enhance the capabilities and presence of LPL Financial in the group retirement plan space, while providing unique benefits for both NRP advisers who join LPL Financial as well as for existing LPL Financial advisers,” LPL said in the announcement of the deal. “LPL Financial and its advisers will benefit from enhanced capabilities and growth opportunities with respect to the group retirement plan space, as well as IRA rollovers and other retirement-related services and solutions. At the same time, NRP advisers joining LPL Financial will benefit from the scale, resources and services offered by the LPL Financial broker/dealer platform, which will directly support the continued growth of their businesses.”
The deal is expected to close in the fourth quarter and financial arrangements were not disclosed.
LPL, which has offices in Boston, Charlotte, and San Diego, recently filed for an initial public offering. The broker/dealer says it offers clearing and compliance services, practice management programs and training, and independent research to over 12,000 financial advisers, more than 750 financial institutions, and approximately 4,000 institutional clearing and technology subscribers.