Linsco/Private Ledger has entered into an agreement to acquire the retail broker-dealer operations of The Phoenix Companies Inc.
Under the deal, Phoenix will also market its products through LPL representatives.
The acquisition will result in advisors affiliated with WS Griffith Securities Inc. and Main Street Management Company transitioning to LPL as independent registered representatives, according to the companies.
The deal is expected to be completed on or about June 1. Terms of the deal were not disclosed.
"We believe LPL offers these advisors an excellent platform to grow their business," says Todd Robinson, chairman and CEO of LPL. "In addition, this move will strengthen our ability to leverage Phoenix's life, annuity and asset management products and expertise to enhance our high-net-worth services."