The 231 credit unions served by LPL Financial Corp. will remain on the independent broker-dealer's platform or the UVEST Financial Services' platform, the company said.
LPL announced yesterday that it will integrate Associated Securities Corp., Mutual Service Corp., and Waterstone Financial Group Inc. into its organization. The three broker-dealers serve independent financial advisers. LPL acquired the firms in 2007.
"We will maintain a relationship with Pershing LLC. Over 50% [of clients] will remain with Pershing through UVEST. We hold [the firm] in high regard," Dan Arnold, managing director and divisional president, institutional sales at LPL, told Credit Union Times.
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Arnold said LPL will "maintain our commitment" to credit unions, which are served by the company's financial institution services division. It will be "business as usual" for the division.
LPL said the motivation to bring the three broker-dealers in house was "part of an ongoing strategic business review aimed at ensuring the continued delivery of the highest quality support and services in the most cost-effective manner to all of the advisors served by the company."
The integration process is expected to start immediately and pending final approval by the Financial Industry Regulatory Authority, is expected to conclude by mid-September.
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