LPL Financial Closes Acquisition of Boenning & Scattergood
The business comprises approximately 30 advisors and $4 billion of brokerage and advisory assets
SAN DIEGO, Feb. 01, 2023 (GLOBE NEWSWIRE) -- LPL Financial LLC (“LPL”) today announced the closing of its acquisition of the Private Client Group business of Boenning & Scattergood, a broker/dealer and
registered investment adviser (RIA) headquartered in West Conshohocken, Pa. The 108-year-old business will operate under LPL’s Linsco employee advisor affiliation model, which allows the firm to
retain its brand and operations, while benefitting from LPL’s integrated advisory and brokerage platform. As a result of the transaction, approximately $4 billion of client assets are expected to
onboard to LPL’s custodial platform.
“Providing exceptional service is the core of who we are as a firm, and we have had great success doing that; however, to continue building our firm in a relevant and sustainable way, we needed a partner that would reinforce our commitment to service with industry-leading technology,” said Harold Scattergood Jr., chairman and CEO of Boenning & Scattergood. “LPL’s commitment to continuously invest in its platform and operational resources will allow us to further differentiate the experience we offer to our clients, so we can continue to build our firm’s legacy.”
“This is an exciting day for us, and we are proud to welcome the distinguished Boenning & Scattergood team to the LPL family,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “Boenning & Scattergood has a long history of helping its clients build their financial legacies. That aligns perfectly with our goal to provide the technology and support our advisors need to deliver the best client experience possible.”
The acquisition of Boenning & Scattergood’s Private Client Group marks an important expansion of LPL’s Linsco employee advisor affiliation model, which began in 2019 with the acquisition of Allen & Company. The transaction was structured as an asset purchase. Under the structure of the Linsco model, LPL will onboard Boenning & Scattergood advisors and certain staff as employees.
About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve*, supporting more than 21,000 financial advisors, including advisors at approximately 1,100 institution-based investment programs and at approximately 500 registered investment advisor (RIA) firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.