LPL Financial Corporation has reached an agreement to buy National Retirement Partners Inc. (NRP), a national network of more than 150 advisor member firms focusing on retirement plans, the companies announced today.
Under the deal, NRP assets and employees will become a new LPL division, called LPL Financial Retirement Partners, headed by William Chetney, NRP's founder, CEO and president, according to a statement released by the companies. Financial terms of the deal were not disclosed.
NRP, based in San Juan Capistrano, Calif., has over 150 member firm offices in over 39 states comprised of independent advisors that provide plan consulting, fiduciary best practices and investment due diligence to retirement plan sponsors and their participants, according to the company's Web site. The company has been an active acquirer of advisory firms in recent years. It has grown from about 90 member firms in fall of 2007.
"LPL Financial and its advisors 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," according to the statement.
Neither Chetney nor LPL spokesman David Lilly would comment on details of the acquisition, citing LPL's S-1 registration quiet period. LPL, the nation's largest independent broker-dealer, filed for an initial public offering early last month. The transaction is expected to close in the fourth quarter, probably after LPL completes its IPO.