LPL Financial has agreed to acquire Lucia Securities, a San Diego, Calif.-based hybrid with 20 advisers that manages $1.5 billion.
The acquisition is scheduled to close during the second half. It is structured as an asset purchase, providing for a payment at closing and potential contingent payments.
The transaction multiple is an estimated “six times post-synergy EBITDA,” LPL said in a release.
Raymond James & Associates advised Lucia on the transaction, LPL said.
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
