The nation’s largest independent broker-dealer just got a whole lot bigger.

LPL Financial closed Tuesday on the purchase of National Planning Holdings, one of the largest networks of IBDs with 3,200 advisors, the firms announced. The transaction, structured as an asset purchase, has an initial price of $325 million. The overall cost of the transaction, though, could rise to as much as $508 million based on how much of NPH’s business carries over to LPL and other costs, the companies said.

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