Private Advisor Group has secured a new minority investment from LPL Financial, marking a significant expansion of its ownership structure and reinforcing its position as one of the country’s prominent financial services firms. The deal, effective November 18, 2025, aligns the firm more closely with LPL Financial, one of the fastest-growing wealth management organizations in the United States. Merchant Investment Management, already a minority owner since 2021, remains alongside LPL and legacy shareholders, collectively supporting the firm’s long-term strategy.
Through this transaction, Private Advisor Group aims to accelerate advisor growth, expand engagement initiatives, and increase the resources available for practice management, innovation, and succession planning. The firm intends to continue operating independently under its existing brand, while leveraging the combined strengths of LPL and Merchant to broaden its support for financial advisors nationwide.
Since partnering with Merchant, Private Advisor Group has invested meaningfully in people, processes and technology, including the launch of its Alignment & Equity Program, its WealthSuite investment platform, and Greenhouse, a program dedicated to fostering innovation and supporting asset growth. With added backing from LPL, the firm expects to enhance these initiatives and create new opportunities for both current and next-generation advisors.
The company managed $41.3 billion in assets under management as of June 30, 2025. Exact terms of the minority investment were not disclosed. Legal counsel for the transaction was provided by Katz Teller, Alston & Bird LLP and Ropes & Gray. Republic Capital Group and Ernst & Young advised Private Advisor Group on the deal.
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
