LPL Financial to acquire Allen & Company.

LPL Financial Holdings has acquired Allen & Company of Florida, a broker/dealer and registered investment adviser. Financial terms were not disclosed. Allen & Company employs approximately 30 advisors and serves approximately $3bn of client assets. Allen & Company client assets will onboard with LPL’s custodial platform. “We are focused on M&A opportunities that align with us strategically, operationally and financially, and Allen & Company is a great fit on all fronts. The firm is made up of great advisors with values similar to ours who are focused on making a positive difference in the lives of their clients, employees and the communities they serve. We look forward to working with Allen & Company on the next phase of their growth leveraging LPL’s capabilities and platform.” Dan Arnold, LPL Financial president and CEO.