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Industry Spotlight > Mergers and Acquisitions

LPL to Buy The Investment Center

By Janet Levaux

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LPL Financial says it has struck a deal to buy The Investment Center, a broker-dealer and RIA in Bedminster, New Jersey.

“The Investment Center fosters an entrepreneurial approach that has driven their success in reaching nearly $9 billion in assets,” said Rich Steinmeier, managing director and LPL’s chief growth officer, in a statement. 

“By bringing The Investment Center’s 240 high-performing advisors to LPL, we look forward to serving their thriving businesses and providing them our industry-leading service and technology,” Steinmeier added.

Founded in 1986, The Investment Center focuses on offering back-office support services, investment tools, technology and non-proprietary products to independent financial advisors.

“This acquisition is a milestone that reflects our commitment to excellence over the past 35 years,” according to Ralph DeVito, president and CEO of The Investment Center. The firm has “always prioritized the success and empowerment of our advisors, and through LPL Financial, we will enhance our ability to support them with access to even more robust resources and solutions.”

LPL expects to close its purchase of The Investment Center in the first half of 2025, subject to receipt of regulatory approval and other conditions. It currently has 23,462 advisors and total client assets of $1.5 trillion.

The firm’s latest news comes about six months after it announced plans to purchase Atria Wealth Solutions, which had about $100 billion of assets under management and around 2,400 advisors earlier this year.

See: LPL’s Steineier: Why We Bought Atria and What’s Next

Janet Levaux

@Think_JanetL

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