Nearly two years after acquiring three broker-dealers, LPL Financial Corp. has made the decision to move the entities within the company to ensure services are being delivered in the most cost-effective way.
LPL will integrate Associated Securities Corp., Mutual Service Corp. and Waterstone Financial Group Inc. into its organization. The three broker-dealers serve independent financial advisers. 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, the company said.
The 231 credit unions served by LPL will remain on the independent broker-dealer's platform or the UVEST Financial Services' platform, said Joseph Kuo, an LPL spokesman. The credit union industry is served by LPL Financial Institution Services division. In August 2007, LPL bought credit union-owned broker-dealer XCU Capital Corp.
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