LPL Financial Acquires Wealth Management Provider

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BOSTON – LPL Financial LLC said this afternoon it has agreed to acquire Concord Wealth Management, a Matawan, N.J., provider of wealth management solutions with $10 billion under administration.


The deal will give LPL Financial, which provides brokerage services to 750 financial institutions, the ability to support both the brokerage and trust business lines of current and prospective credit union and bank customers. This combination of offerings will create an integrated wealth management solution for financial institutions that the company believes will redefine the market.


Upon completion of this transaction, all Concord employees are expected to join LPL Financial, the nation's largest provider of third-party investment services to banks and credit unions, and Concord's New Jersey, office will be retained.


The deal is expected to close during the third quarter. Financial terms of the transaction were not disclosed.



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