LPL Financial (LPLA) Completes AdvisoryWorld Buyout for $28M
LPL Financial Holdings Inc. LPLA, along with its subsidiary, has acquired AdvisoryWorld for $28 million, with an aim to accelerate its digital capabilities and improve efficiency.
Being a technology company, AdvisoryWorld provides investment analytics and portfolio modeling services to more than 30,000 financial advisors and institutions in the United States.
Using the suite of digital solutions of this technology company, LPL Financial will be better poised to attract and serve client assets.
LPL Financial’s president and CEO, Dan Arnold stated, “We believe AdvisoryWorld’s industry-leading capabilities will help our advisors grow their business, gain efficiencies and enhance the way they serve their clients.”
Arnold added, “This acquisition is another example of our capacity to invest in our advisors’ business as we remain focused on delivering best-in-class capabilities and tools to help them differentiate and win in the marketplace.”
Notably, LPL Financial is expected to continue offering AdvisoryWorld’s services as a stand-alone solution to the wealth management industry.
In fact, the company plans to retain the talented team of employees that will continue evolving and expanding the AdvisoryWorld technology offering.
LPL Financial’s shares have rallied 20.3% over the past year against the industry’s decline of 14.9%.
Currently, the stock carries a Zacks Rank #3 (Hold).
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