The Investment Center, a Bedminster-based broker-dealer and registered investment adviser firm that has 240 advisers and oversees approximately $9 billion of client assets, announced that it is being sold to San Diego-based LPL Financial.
“The Investment Center fosters an entrepreneurial approach that has driven their success in reaching nearly $9 billion in assets,” Rich Steinmeier, managing director and chief growth officer at LPL Financial, said. “By bringing the Investment Center’s 240 high-performing advisers to LPL, we look forward to serving their thriving businesses and providing them our industry-leading service and technology.”
The Investment Center said it shares LPL’s adviser-first philosophy, and its emphasis on independence has been key to its growth.
“LPL’s commitment to the success of its advisers aligns with our core values and dedication to service,” Ralph DeVito, CEO and president at the Investment Center, said. “This acquisition is a milestone that reflects our commitment to excellence over the past 35 years. At the Investment Center, we have always prioritized the success and empowerment of our advisers, and, through LPL Financial, we will enhance our ability to support them with access to even more robust resources and solutions.”
The Investment Center and LPL were introduced as part of LPL’s planned acquisition of Atria Wealth Solutions Inc., which was announced earlier this year. LPL expects to close and convert the acquisition of the Investment Center in the first half of 2025, subject to receipt of regulatory approval and other conditions.
Berkshire Global Advisors is acting as lead financial adviser to the Investment Center, with Seward & Kissel LLP serving as the Investment Center’s legal counsel.
