LPL Investment Holdings will acquire Rockville, Md.-based Fortigent, a firm that provides wealth management solutions to advisors who run high-net-worth practices at independent advisory firms, trust companies and banks, the firms announced.
Fortigent, whose 90 advisory firm clients oversee more than $50 billion in high-net-worth assets, shores up LPL Financial’s growing share of high-net-worth business. Not all of those assets are held in custody with LPL, and advisors who sign on with Fortigent in the future will not be required to do so. Still, the deal is attractive for LPL, according to Robert Moore, CFO of LPL Financial.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access