LPL Financial Holdings Inc. announced that it had acquired a minority ownership stake in Private Advisor Group, a move that became effective on November 18, 2025. The deal gives LPL a foothold in the independent wealth‑management space and expands its advisor network.
Private Advisor Group, which reported $41.3 billion in assets under management as of June 30, 2025, will continue to operate under its own brand. Merchant Investment Management also holds a co‑minority stake, reinforcing the partnership and providing additional capital backing.
The transaction deepens LPL’s strategic alignment with Private Advisor Group by enabling collaboration on practice‑management resources, succession planning, and technology integration. LPL will leverage Private Advisor Group’s advisor network and platform to broaden its market reach and enhance support for independent advisors.
LPL’s recent financial performance shows strong underlying growth offset by one‑time acquisition costs. Net income rose to $273 million in Q2 2025, while Q3 2025 reported a $30 million loss largely due to $419 million in acquisition expenses related to the Commonwealth Financial Network acquisition. The minority stake in Private Advisor Group represents a different growth strategy, focusing on partnership rather than full integration.
CEO Rich Steinmeier said the partnership “aligns with LPL’s vision to be the best firm in wealth management” and will “enhance advisor support across the independent sector.” Private Advisor Group CEO Frank Smith highlighted the shared history and mutual alignment, noting the investment will “provide advisors with choice, flexibility, and a true path to growth.”
The deal positions LPL to capture a larger share of the independent advisory market, complementing its recent acquisition of Commonwealth Financial Network. By combining LPL’s brokerage and advisory capabilities with Private Advisor Group’s technology platform, the company aims to deliver end‑to‑end solutions for advisors and their clients.
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