SAN DIEGO, Aug. 18, 2020 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq: LPLA), today announced the closing of its acquisition of assets of E.K. Riley Investments, LLC, a broker-dealer and registered investment advisor (RIA) based in Seattle. E.K. Riley Investments serves more than $2 billion of client assets, which are expected to onboard to LPL's platform by the end of 2020. Approximately 90 percent of the firm’s 35 independent advisors are expected to join LPL.
“It is a privilege and honor to welcome the E.K. Riley team to LPL. An established and successful firm, E.K. Riley recognized the value that a partnership with LPL could bring to their firm today as well as into the future. One way we demonstrate our commitment to our advisors is through the delivery of relevant resources and technology that help them thrive in today’s competitive environment. And with our scale and unwavering advisor focus, our clients can be assured they have a partner who will invest in their success over the long run,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “We are excited to connect the E.K. Riley team to the business solutions, technology and personalized service and support that can help them drive efficiency into their practices and deliver an enhanced experience to their clients. We look forward to being their committed partner for many, many years to come.”
“Our partnership with LPL is the result of overall cultural similarities between our organizations,” said Brian Bertsch, President of E.K. Riley. “We continue to be consistently impressed with their people-centric culture. We are excited to see our advisors thrive as part of the LPL family.”
Edward Riley, Chairman and CEO of E.K. Riley, agreed: “LPL‘s culture, technology, and other capabilities allow our financial advisors to offer outstanding service and advice to their clients.”
The transaction was structured as an asset purchase, and closed on August 18, 2020. LPL continues to anticipate a transaction multiple of ~6x post-synergy EBITDA.
About LPL Financial
LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker-dealer*. We serve independent financial advisors, professionals, and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
