Concord Wealth Management is a provider of technology and open architecture investment management solutions for trust groups of financial institutions.
Based in Matawan, New Jersey, Concord has over $10bn in assets under administration.
As a result of this acquisition, LPL Financial expects to gain the ability to support both the brokerage and trust business lines of current and prospective financial institution partners.
LPL Financial Institution Services divisional president and managing director Dan Arnold said Concord Wealth Management’s open architecture platform makes the firm a particularly strong fit with LPL’s business model.
"We look forward to working closely with our new partners at Concord Wealth Management to redefine this marketplace and continue to enhance the quality and range of services financial institutions can offer their clients," Arnold concluded.
Upon completion of this transaction, all Concord employees are expected to join LPL Financial, and Concord’s Matawan, New Jersey, office will be retained.
The transaction is subject to customary closing conditions and is expected to close during the third quarter of 2011. Financial terms of the transaction were not disclosed.
