Ric Edelman's sweet private equity deal is good news for RIAs, especially other big, media-savvy firms. But the industry icon's latest transaction raises concerns about the risks of investing in a firm so closely associated with its namesake.

Highly-regarded private equity firm Hellman & Friedman, which helped take LPL Financial public six years ago, acquired a majority interest in Edelman from Lee Equity Partners, which will retain an equity stake in the firm. Ric Edelman will remain the largest individual shareholder of the RIA, which has approximately $14.5 billion in assets under management.

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