LPL continues buying binge

LPL Financial Services of Boston and San Diego is making another acquisition, this time buying an insurance marketing group that works with banks and credit unions to sell investment and insurance products. LPL, the biggest independent-contractor broker-dealer, said yesterday it is buying Purchase, N.Y.-based Independent Financial Marketing Group from Sun Life Financial Inc. of Toronto. Terms of the deal, expected to close in the fourth quarter, were not disclosed. LPL has been on an acquisition binge the past 13 months. Last August, it said it was acquiring UVEST Financial Services of Charlotte, a leading broker-dealer servicing banks and financial institutions. In late winter, LPL said it was acquiring three independent-contractor broker-dealers owned from Pacific Life Insurance Co. of Newport Beach, Calif. Through its various business channels, LPL has about 10,000 affiliated reps and advisers. LPL’s Financial Institution Services Channel, which is based in Charlotte, will manage the Independent Financial business. Executives from Independent Financial will join LPL's Financial Institution group. Mark Casady, chairman and CEO of LPL, was not available on Thursday to comment.