Linsco/Private Ledger Corp. has agreed to acquire Independent Financial Marketing Group Inc. from Sun Life Financial Inc.
LPL, Boston, is an independent broker-dealer that sells insurance and investment products to the customers of about 800 financial institutions.
IFMG, Purchase, N.Y. sells insurance and financial services to customers of about 38 financial institutions, according to a report published by the Bank Insurance & Securities Association, Wayne, Pa.
The price of the deal was not immediately available.
The terms of the deal call for Dan Arnold, president of LPL’s Charlotte, N.C.-based LPL Financial Institutions Services unit, to continue to lead the unit.
Michael Weiss, president of IFMG, “will continue in his current role until the close of the transaction with LPL and will stay on for some time after to ensure a successful transition for its financial institution and advisor clients,” according to LPL.
LPL and Sun Life hope to complete the deal by Dec. 31, the companies say.