ON THE MOVE-LPL Financial lands $500 mln Delaware Valley
Sept 19 (Reuters) - LPL Financial Holdings Inc, the largest U.S. independent broker-dealer by revenue, said on Wednesday it added Pennsylvania-based Delaware Valley Financial Group to its network of independent advisers.
Delaware Valley will bring 24 financial advisers with about $500 million in total client assets under management to LPL Financial's broker-dealer platform.
The group, which specializes in life insurance, annuities, group benefits, qualified plans, and property and casualty insurance, is headquartered in King of Prussia, Pennsylvania, and has offices in New Jersey. It joined LPL Finiancial platform catering to registered investment advisers.
Boston-based LPL Financial provides brokerage, clearing and other professional services to roughly 13,100 self-employed brokers and advisers. In the second quarter, the firm generated $908 million in revenue from brokers overseeing $353 billion in client assets.
LPL Financial has expanded by adding individual advisers and teams as well as larger independent groups like Delaware Valley to its broker-dealer platform.
The firm last month added Alabama-based Bridgeworth Financial, with $1 billion in client assets, to its network.
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