LPL Financial to acquire Lucia Securities.

LPL Financial, a retail investment advisory firm and independent broker, agreed to acquire Lucia Securities, a broker-dealer and registered investment advisory firm that serves c. 20 advisors and $1.5bn of client assets. The transaction is structured as an asset purchase agreement and is expected to close in the second half of 2020. Financial terms were not disclosed. “We are honored and excited to have this terrific group of experienced advisors joining LPL. At LPL, Lucia Securities’ advisors and their clients will benefit from the strength and breadth of our capabilities, technology and services. We look forward to supporting Lucia Securities on the next phase of their growth," Rich Steinmeier, LPL Financial Managing Director and Divisional President, Business Development.