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LPL to Buy Uvest, Add 675 FAs

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LPL is making another significant move in the Southeast, with plans to buy UVEST Financial Services of Charlotte, N.C., which provides third-party investment services to financial institutions. This news follows LPL’s recent announcement that it is opening a new service center in Charlotte, which should have about 250 people in place next year.

Once the latest deal is completed, LPL and UVEST could have combined yearly sales of $250 million through business with some 700 regional and community banks, as well as credit unions, according to LPL.

LPL Chairman, CEO and President Mark Casady says the arrangement should make LPL the nation’s largest player in the financial institution services (or FIS) business. “Having the chance to buy UVEST allows us to create market leadership in the bank channel,” explains Casady.

Of LPL’s 6,775 independent advisors, up to 1,000 work in banks. UVEST has about 675 operating in this channel, giving the two firms roughly 1,675 advisors in this arena and a total of 7,450 reps.

“This strategy will continue to do well as the number of small, community banks increases,” says Chip Roame of Tiburon Strategic Advisors. LPL can tell them, “We’ll put you in the investment business, so you don’t have to go there [on your own.]“


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