LPL Financial Corp., which counts hundreds of credit unions among its clients, announced today that it will integrate three of its affiliated broker-dealers that serve independent financial advisers.
Associated Securities Corp., Mutual Service Corp., and Waterstone Financial Group Inc. will be integrated into LPL, the company said. The move does not affect
UVEST Financial Services or any of our customers on the UVEST platform.
It was not immediately known how the integration would impact LPL's more than 200 credit union clients, which are served through the company's LPL Financial Institution Services division. In August 2007, LPL bought CU-owned broker-dealer XCU Capital Corp.
In January, LPL announced it would lay off 10% of its 3,000 employee roster. With $233.9 billion in assets under management at year-end 2008, the firm is
considered to be the largest independent broker-dealer in the country.
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