LPL Financial completed the acquisition of the wealth management business of Waddell & Reed Financial for $300m.

LPL Financial, a provider of investment and business solutions for independent financial advisors, completed the acquisition of the wealth management business of Waddell & Reed Financial, an American asset management and financial planning company, for $300m. “Waddell & Reed advisors are seasoned and well-regarded throughout the industry and are a strong cultural and strategic fit with us. We look forward to supporting them with our comprehensive platform that helps them design and operate the perfect practice for them and their clients. Waddell & Reed and Macquarie have been strong partners throughout the process, and we look forward to our ongoing collaboration,” Dan Arnold, LPL Financial President and CEO.