LPL Financial Consolidates UVEST Subsidiary
BOSTON – LPL Financial, which provides broker-dealer services to more than 1,000 credit unions, on Monday said it will consolidate its UVEST Financial Services subsidiary onto its self-clearing platform.
The consolidation, which is expected to commence in June and be completed by the end of this year, will create a unified platform for continued future growth in this space, the company said. Credit union investment programs currently with UVEST will remain part of the existing LPL Financial Institution Services division, which is the nation’s largest provider of third-party investment services to banks and credit unions. Credit union-based advisors and investment program managers currently served by UVEST will benefit from operational and service efficiencies, LPL said.
LPL Investment acquired UVEST in 2007.