Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Financial Planning > Charitable Giving

LPL to Buy Uvest, Add 675 FAs

By Janet Levaux

X
Your article was successfully shared with the contacts you provided.

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.]“

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.