LPL Financial to Acquire Boenning & Scattergood

SAN DIEGO, July 08, 2022 (GLOBE NEWSWIRE) -- LPL Financial LLC (NASDAQ:LPLA ) today announced that the firm has entered into a definitive purchase agreement to acquire the Private Client Group business of Boenning & Scattergood, a broker/dealer and registered investment adviser (RIA) headquartered in West Conshohocken, Pa. Boenning & Scattergood is comprised of approximately 40 financial advisors who serve approximately $5 billion of advisory and brokerage assets. The 108-year-old family-owned business will onboard to LPL's employee advisor model, retaining its brand while benefitting from a new operating model. "Our family business has a 108-year history of helping our clients build and secure their financial legacies, and LPL is the right partner for us to carry that legacy and our business forward," said Harold Scattergood Jr., chairman and CEO of Boenning & Scattergood. "Importantly, LPL took the time to understand our business, our culture and our goals. LPL's commitment to investing in our superior wealth management platform will help us to further our capabilities to enrich and grow our support for clients. We are proud to continue building Boenning & Scattergood in a relevant and sustainable way, as we retain our culture and connection to our clients and community." "We welcome Boenning & Scattergood to the LPL family and are proud to be the stewards of this distinguished Boenning & Scattergood brand," said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. "The firm has a long history of making a positive difference in the lives of their clients, employees and the communities they serve. As their partner, we can provide an operational model that allows Boenning & Scattergood to focus on client experience and firm growth. They have the freedom to run their business on their terms, with the ability to stay focused on their client relationships." The transaction also marks an important expansion of LPL's employee advisor affiliation model, which began in 2019 with the acquisition of Allen & Company. The transaction is structured as an asset purchase. The purchase ... Full story available on