SAN DIEGO, Aug. 20, 2020 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq: LPLA), today announced that it has closed its acquisition of assets of Lucia Securities, a broker-dealer and registered investment advisor (RIA) based in San Diego. Lucia Securities serves more than $1.5 billion of client assets, which are expected to onboard to LPL's platform by the end of 2020. All 20 advisors have committed to join LPL and will be doing business with LPL as Lucia Capital Group.

“LPL is proud to welcome the Lucia Capital Group team of advisors to our platform,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “As their partner, we are committed to their success. By investing on an ongoing basis in technology and digital capabilities, we strive to help them differentiate their practices in their markets, operate efficient and productive practices, and build businesses with value. We look forward to a long-term partnership with Lucia Capital Group.”

“Lucia Capital Group is excited to take this next step in the evolution of our business with LPL. In a short period of time, we have planted the seeds of a fruitful and long-lasting partnership,” said Ray Lucia Jr., CEO, Lucia Capital Group.

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.