LPL Acquires $1.5 Billion Lucia Securities
LPL Financial, the nation’s largest independent broker-dealer, has closed its acquisition of Lucia Securities, a broker-dealer and registered investment advisor based in San Diego.
LPL Financial, the nation’s largest independent broker-dealer, has closed its acquisition of Lucia Securities, a broker-dealer and registered investment advisor based in San Diego with more than $1.5 billion of client assets, which are expected to onboard to LPL’s platform by the end of 2020.
Lucia Securities has 20 advisors who provide financial advice to individuals, affluent families, and business owners. All Lucia advisors have committed to join LPL and will be doing business as Lucia Capital Group.
The transaction, which was announced in April, is structured as an asset purchase agreement and closed on August 18, 2020. LPL continues to anticipate a transaction multiple of approximately 6x post-synergy EBITDA.
LPL Financial provides service to approximately $762 billion in brokerage and advisory assets as of June 30, 2020. The company provides proprietary technology, clearing services, practice management programs and training, and independent research to 16,973 financial advisors.
