LPL Financial has completed its purchase of Waddell & Reed Financial's wealth management business from Macquarie Management Holdings for roughly $300 million.
More than 900 Waddell & Reed advisors have committed to join LPL's platform, the independent broker-dealer said late Friday.
These advisors — who should move to LPL in the next few months — work with about 95% of the $71 billion of client assets in Waddell & Reed's wealth unit as of March 31, or nearly $65 billion.
"Waddell & Reed advisors are seasoned and well-regarded throughout the industry and are a strong cultural and strategic fit with us, said LPL CEO and President Dan Arnold. "We look forward to supporting them with our comprehensive platform that helps them design and operate the perfect practice for them and their clients."
On Dec. 2, 2020, LPL Financial agreed to the transaction. At the time of the deal's announcement the Waddell & Reed wealth unit had 921 independent advisors and $63 billion of assets under administration.
