LPL Financial LLC, the nation’s largest independent broker-dealer, has agreed to purchase Lucia Securities, a broker-dealer and registered investment advisor firm headquartered in San Diego.
Lucia Securities provides independent financial advice to individuals, affluent families, and business owners, with approximately 20 advisors and $1.5 billion of client assets under management.
The transaction is structured as an asset purchase agreement and is expected to close in the second half of 2020 and provides for both a payment at closing and potential contingent payments. LPL estimates a transaction multiple of ~6x post-synergy EBITDA.
LPL Financial provides service to approximately $764 billion in brokerage and advisory assets as of December 31, 2019. The company provides proprietary technology, comprehensive clearing services, practice management programs and training, and independent research to 16,464 financial advisors and 700 financial institutions.