LPL Financial LLC, the nation’s largest independent broker-dealer, has acquired AdvisoryWorld, a technology company that provides a suite of digital solutions designed to help financial advisors attract and serve client assets.
Based in Carlsbad, California and founded in 1987, AdvisoryWorld serves more than 300,000 financial advisors and institutions in the United States. Its suite of products includes proposal generation, investment analytics and portfolio modeling capabilities that serve the wealth management industry.
In addition to bringing this offering to all LPL Financial advisors, LPL will continue to offer AdvisoryWorld’s services as a stand-alone solution to the wealth management industry. The Company intends to retain the team of employees that will continue to evolve and expand the AdvisoryWorld technology offering.
“We believe AdvisoryWorld’s industry-leading capabilities will help our advisors grow their business, gain efficiencies and enhance the way they serve their clients,” said Dan Arnold, LPL Financial president and CEO. “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.”
The transaction closed on Dec. 3, 2018. The Company paid a $28 million lump sum purchase price, which was funded with cash available for corporate use from its balance sheet.
LPL Financial provides service to approximately $681 billion in brokerage and advisory assets as of the third quarter of 2018. The company provides proprietary technology, comprehensive clearing services, practice management programs and training, and independent research to more than 16,000 financial advisors and 700 financial institutions.