LPL Financial Retains National Planning Holdings OSJ with $1.6 Billion in AUM

LPL Financial LLC, the nation’s largest broker-dealer, announced that Zuk Financial Group has joined its broker-dealer and hybrid registered investment advisory platforms.

Zuk Financial Group, which was previously associated with National Planning Corporation, has approximately $1.6 billion of client brokerage and advisory assets under management.

Based in Lake Forest, California, Zuk Financial was founded in 1974 by CEO and president Paula Key and the late Cori Zuk. Key began her career in education and the firm started with the goal of helping employees of public schools and nonprofit organizations reach their financial goals.

Zuk Financial now has 29 advisors, more than half of whom are women, along with 45 support staff who operate among 20 branches located throughout California. The firm focuses on financial planning and retirement planning services.

National Planning Corporation is one of four broker-dealers in National Planning Holdings’ network of broker-dealers. LPL purchased NPH in August 2017 for an initial purchase price of $325 million. LPL will make a contingent payment between $0 and $123 million in the first half of 2018, based on the level of NPH’s business that onboards onto its platform.

LPL has retained two large NPH brokerage groups in recent weeks, including Minnesota-based Discovery Financial with $1.1 billion in client assets and The Planners Network with $4.3 billion.

LPL Financial is a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA) and oversees approximately $566 billion in brokerage and advisory assets as of October 31, 2017. The company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 financial advisors and 700 financial institutions.

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