Private Advisor Group Announces Minority Investment by LPL Financial

Rhea-AI Summary

Private Advisor Group announced that LPL Financial (Nasdaq: LPLA) acquired a minority ownership stake in Private Advisor Group, joining Merchant Investment Management and legacy shareholders.

The agreement, which became effective Nov. 18, 2025, aims to deepen strategic alignment, expand practice management and succession planning resources, and accelerate advisor growth while Private Advisor Group continues to operate independently under its existing brand. Exact financial terms were not disclosed.

Positive

• LPL acquired a minority stake effective Nov. 18, 2025
• Adds LPL scale to expand practice management and succession planning
• Diversifies ownership with LPL joining Merchant and legacy shareholders
• Private Advisor Group to remain independent under existing brand

Negative

• Exact financial and transaction terms were not disclosed

News Market Reaction

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+0.22% News Effect

On the day this news was published, LPLA gained 0.22%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LPL Financial Joins Merchant in Minority Ownership of Private Advisor Group, Strengthening Strategic Alignment

MORRISTOWN, N.J., Nov. 19, 2025 /PRNewswire/ -- Private Advisor Group, a leading financial services firm and LPL Financial Holdings Inc. (Nasdaq: LPLA) (together with its subsidiaries, including LPL Financial LLC, "LPL Financial" or "LPL") announced today LPL's acquisition of a minority ownership stake in Private Advisor Group. This agreement will deepen Private Advisor Group's alignment with one of the fastest-growing wealth management firms in the U.S., enabling the firm to fuel innovation and accelerate advisor growth and engagement. As part of this effort, the firms will expand resources for practice management and succession planning to help advisors strengthen and sustain their businesses over the long term.

Further diversifying ownership, LPL joins Merchant Investment Management (Merchant) as a minority owner of Private Advisor Group alongside legacy shareholders, reinforcing the firm's foundation to better serve its advisor community and their clients for years to come.

"LPL is a natural partner based on our shared history and mutual alignment," said Frank Smith, CEO of Private Advisor Group. "At Private Advisor Group, we believe in offering advisors choice, flexibility, and a true path to growth. Both LPL and Merchant share this mindset and are uniquely positioned to advocate for advisors and shape the trajectory of our industry."

Marc Cohen, Group Managing Director, Chief Growth Officer at LPL added, "We are excited to strategically deepen our relationship with Private Advisor Group, which has been built over nearly 30 years on the shared value of driving advisors' success. This alignment will allow us to better deliver solutions to support advisors throughout their business lifecycle."

Powered by an advisor-first mindset, Private Advisor Group has been actively developing resources and solutions for its growing community. Since the firm's partnership with Merchant in 2021, Private Advisor Group has made significant investments in people, process and technology. Examples include the launch of its Alignment & Equity Program, WealthSuite investment management platform and Greenhouse, fueling innovation and accelerating asset growth.

"This investment deepens Private Advisor Group's alignment with LPL and strengthens the collaboration among all three firms. What excites us most is the power of partnership—combining Private Advisor Group's entrepreneurial spirit, Merchant's growth-oriented support, and LPL's scale to build a lasting foundation for advisors today and create pathways for the next generation of leaders to thrive," added Tim Bello, Co-Founder and Managing Partner at Merchant.

Private Advisor Group will continue to operate independently under its existing brand while drawing on both LPL and Merchant to create new opportunities for advisors.

Exact terms will not be disclosed. The agreement was signed and became effective Nov. 18, 2025. Katz Teller, Alston & Bird LLP and Ropes & Gray have provided legal counsel. Republic Capital Group and Ernst & Young consulted with Private Advisor Group on the transaction. 

Learn more by visiting privateadvisorgroup.com.

About Private Advisor Group

Founded in 1997 in Morristown, NJ, Private Advisor Group is one of the nation's leading financial services firms. With over $41.3 billion in assets under management as of June 30, 2025, the firm leverages its resources to deliver strategies positioned to improve financial outcomes for individual investors and to inspire growth, fiduciary adherence, succession, and a client-centric approach for independent financial advisors' practices.

Securities offered through LPL Financial LLC, Member FINRA/SIPC. Investment Advice offered through Private Advisor Group, a registered investment advisor and separate entity from LPL Financial LLC.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports over 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $2.3 trillion in brokerage and advisory assets on behalf of approximately 8 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial LLC or its affiliate LPL Enterprise, LLC, both registered investment advisers and broker-dealers. Members FINRA/SIPC.

Private Advisor Group, LPL Financial Holdings Inc., LPL Financial LLC, and Merchant are separate entities.

About Merchant

Merchant is a private partnership that provides life cycle growth capital and strategic guidance to independent financial services companies, particularly those focused on wealth and asset management. Merchant's ecosystem comprises 125 partner firms and RIA practices in six countries, collectively managing more than $300 billion in assets. For additional information, please visit merchantim.com.

Media Contact:
Laura Marvin
JConnelly
privateadvisorgroup@jconnelly.com
973 349 2959

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SOURCE Private Advisor Group

FAQ

What did Private Advisor Group announce about LPL Financial (LPLA) on Nov. 19, 2025?

Private Advisor Group announced that LPL Financial (Nasdaq: LPLA) acquired a minority ownership stake, effective Nov. 18, 2025.

How will the LPL minority investment affect Private Advisor Group advisors and services?

The firms said the alignment will expand resources for practice management and succession planning and accelerate advisor growth and engagement.

Will Private Advisor Group change its brand or independence after the LPL investment?

No; Private Advisor Group will continue to operate independently under its existing brand.

Who else owns a stake in Private Advisor Group after the LPL investment?

Merchant Investment Management and legacy shareholders remain owners alongside LPL Financial.

Are the financial terms of LPL's investment in Private Advisor Group disclosed?

No; the announcement states that exact terms will not be disclosed.

When did the LPL and Private Advisor Group agreement become effective?

The agreement was signed and became effective on Nov. 18, 2025.