LPL Pays $325 Million for Jackson National B/Ds
August 15, 2017
By Diana Britton, Michael Thrasher, WealthManagement.com
The deal brings another 3,200 advisors to the nation’s largest independent broker/dealer, and it’s the latest in a trend of insurance firms exiting the b/d business.
The U.S.’s largest independent broker/dealer just got bigger. LPL Financial announced Tuesday it had acquired National Planning Holdings, the network of broker/dealers affiliated with Jackson National Life Insurance Company, from Prudential, for $325 million. The deal will add 3,200 advisors to LPL’s network.
The deal is the latest example of an insurance company shredding a brokerage business. Last week, independent b/d Kestra Financial entered an agreement to acquire H. Beck, a firm owned by insurance company Securian Financial Group, adding about 600 advisors and $2.4 billion in client assets to Kestra’s platform.