LPL Financial closed its acquisition of Allen & Company this week, the Lakeland, Fla.-based brokerage it bought to seed its new employee model for advisors. The independent broker/dealer retained all 33 advisors at Allen & Company, with $3 billion of client assets, in the transition. Those advisors, as well as Allen’s staff, have joined LPL as employees.
In a statement, LPL CEO Dan Arnold said he looks forward “to collaborating as we innovate on our new model that preserves the principles of independence and wraps them in employee services.”
On a recent call with analysts, Arnold said the firm expected to reach an annual run rate EBITDA accretion of about $5 million in early 2020, as a result of the acquisition.
He also reiterated the firm’s plans to develop new advisory and employee models, which, he said, would more than double the size of the firm’s addressable market.
On the new advisory offering, he said, “We are further enhancing this offering by reengineering key advisory policies and workflows to drive simplicity and efficiency into the day-to-day operations of these practices. While this offering is relatively new, we are encouraged by our growing pipeline of interested advisors.”
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