LPL retains $1.1B Discovery Financial

Discovery Financial Centers Inc., a firm formerly affiliated with National Planning Corp., has transitioned to LPL's broker-dealer and registered investment advisory platforms. Discovery Financial managed approximately $1.1 billion of client brokerage and advisory assets as of Oct. 1. LPL announced the Discovery Financial decision in a release. NPC is one of four broker-dealers in National Planning Holdings' network, the assets of which LPL purchased as part of a previously announced transaction in August. After the acquisition was announced, Discovery President Doug Ritter said that the firm went on a search for a new broker-dealer and corporate RIA and decided that LPL offered services that would be the best fit. Discovery Financial, based in Red Wing, Minn., was co-founded by Mr. Ritter 25 years ago and currently has advisers operating from eight locations. (More: LPL and NPH: The biggest teams to flee the merger)