Private Advisor Group announced that LPL Financial has acquired a minority ownership stake in the firm, marking a significant expansion of one of the longest-standing relationships in the wealth management sector. The agreement strengthens Private Advisor Group’s strategic alignment with LPL Financial, one of the fastest-growing wealth management platforms in the United States. It adds to the existing minority ownership held by Merchant Investment Management.
The investment is positioned to accelerate Private Advisor Group’s growth trajectory by expanding access to practice management resources, succession planning programs, and technology-driven tools designed to support advisors at every stage of their business lifecycle. The firm noted that this enhanced alignment reflects nearly three decades of collaboration with LPL Financial, which continues to serve as a core partner to its nationwide advisor community.
LPL joins Merchant and existing legacy stakeholders in the firm’s ownership structure, further diversifying its investor base while reinforcing its operational independence. Private Advisor Group confirmed it will continue to operate under its existing brand while drawing on the collective strengths of LPL and Merchant to enhance its advisor-first service model.
The firm highlighted that since its partnership with Merchant began in 2021, it has made material investments in people, technology, and operational processes. Recent initiatives include the creation of its Alignment & Equity Program, the launch of its WealthSuite investment platform, and the expansion of Greenhouse, each contributing to broader innovation and asset growth.
Private Advisor Group, founded in 1997 and headquartered in Morristown, New Jersey, reported over $41.3 billion in assets under management as of June 30, 2025. LPL Financial, which supports more than 32,000 financial advisors and approximately 1,100 financial institutions, services and custodies roughly $2.3 trillion in brokerage and advisory assets.
Support: Advisory support on the transaction was provided by Republic Capital Group and Ernst & Young, while legal counsel was delivered by Katz Teller, Alston & Bird LLP, and Ropes & Gray.
KEY QUOTES:
“LPL is a natural partner based on our shared history and mutual alignment. 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.”
Frank Smith, CEO of Private Advisor Group
“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.”
Marc Cohen, Group Managing Director, Chief Growth Officer at LPL
“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.”
Tim Bello, Co-Founder and Managing Partner at Merchant
