LPL Financial today announced that it has agreed to purchase The Investment Center, a $9 billion broker-dealer and registered investment advisor based in Bedminster, N.J., with about 240 advisors. The transaction comes on the heels of LPL's acquisition of Atria Wealth Solutions, Inc., which had agreed to buy The Investment Center before Atria was sold to LPL.
Terms of the purchase deal, subject to receipt of regulatory approval and other conditions, were not disclosed. The transaction is expected to close and be converted in the first half of 2025, according to a press release.
Founded in 1986, The Investment Center provides back-office support services, investment tools, technology and non-proprietary products to a national network of independent financial advisors.
Ralph DeVito, president and CEO at The Investment Center, said in a statement, “LPL’s commitment to the success of its advisors aligns with our core values and dedication to service.” The acquisition, he added, “is a milestone that reflects our commitment to excellence over the past 35 years. At The Investment Center, we have always prioritized the success and empowerment of our advisors, and through LPL Financial, we will enhance our ability to support them with access to even more robust resources and solutions.”
“The Investment Center fosters an entrepreneurial approach that has driven their success in reaching nearly $9 billion in assets,” Rich Steinmeier, managing director and chief growth officer at LPL Financial, said in a statement. “By bringing The Investment Center’s 240 high-performing advisors to LPL, we look forward to serving their thriving businesses and providing them our industry-leading service and technology."