NestWise LLC, a recently formed subsidiary of LPL Financial Holdings Inc., announced today its intent to buy Veritat Advisors, Inc. to enhance the technology it offers for personal financial advice delivered to the mass market.

Officials say the deal is expected to close during the third quarter. The price of the deal was not disclosed.

NestWise, which was formerly known as LPL New Venture, is designed to provide mass market investors with access to affordable personal financial advice. Veritat is a full-service registered investment advisory firm that uses a proprietary online financial planning platform designed to support advisors who serve the mass market.

Veritat was co-founded in 2008 by Kent Smetters, a professor at the Wharton School at the University of Pennsylvania. The company combines technology systems with sensible, practical and customer-driven financial advice.

"NestWise and Veritat are a perfect fit and share a common vision and philosophy," said Esther Stearns, CEO of NestWise. "This strategic acquisition will significantly enhance the technology capabilities of NestWise as we look to serve the mass market."

Smetters, who plans to resume his career at Wharton full-time following the completion of the transaction, will continue his support of Veritat by serving as a consultant to NestWise.