LPL Did Not Just Buy Assets. It Bought A Bank-Wealth Growth Engine.

Wealth Management

Aug 10

InvestmentNews reported that LPL Financial agreed to buy Financial Resources Group Investment Services, one of its own giant branch offices, in a deal with a $140 million cash base price and possible earnout payments.

The headline looked unusual because LPL was not buying a competitor. It was buying a large business already inside its own ecosystem.

Financial Resources Group Investment Services, or FRGIS, was based in Fort Mill, South Carolina. At the time of the announcement, it housed roughly 800 financial advisors working with 85 local bank offices and credit unions across the country. Those advisors oversaw about $40 billion in advisory and brokerage assets. LPL said the assets were already on its custodial platform.

That made the transaction different from a normal platform acquisition. LPL did not have to persuade a totally outside firm to join its system. Instead, it bought the equity of a major branch and OSJ that already used LPL, already served banks and credit unions through LPL, and already sat at the center of a valuable institutional wealth network.

The deal showed how the independent broker-dealer model was changing. Large OSJs and branch offices were no longer only support organizations under a broker-dealer umbrella. They had become strategic businesses with their own advisor relationships, bank relationships, succession needs, acquisition plans and enterprise value.

Bruce Miller, FRGIS’s CEO and partner, told InvestmentNews the firm needed capital and a succession plan. He also said the time was right to buy advisors’ books of business and other branches or OSJs, while the cost of capital was rising. That one quote explains the deal better than any asset number. FRGIS needed balance-sheet support to keep growing. LPL needed to protect and deepen a major relationship in the financial institution channel.

The later update makes the transaction more important. LPL closed the acquisition in February 2023. Financial Resources Group’s current site says it is now fully integrated with LPL, while still using its own brand and describing client assets above $60 billion. That suggests the deal was not only about preserving a branch. It became a way to scale an institutional wealth support business inside LPL’s broader platform.

TL;DR

LPL bought one of its own major branches: Financial Resources Group Investment Services was already an LPL branch office and OSJ before the deal.
The branch was large: FRGIS had roughly 800 advisors, 85 financial institutions and about $40 billion in advisory and brokerage assets at announcement.
The price started at $140 million: LPL’s deal included a $140 million cash base price, subject to adjustments, with additional earnout payments over three years.
This was an equity purchase: InvestmentNews noted the deal was different from an asset purchase because LPL was buying the firm’s equity.
FRGIS needed capital and succession support: CEO Bruce Miller said the firm needed cash to buy advisors’ books and other branches or OSJs.
Assets were already on LPL’s platform: That reduced one major transition issue because FRGIS was already an LPL client.
The deal closed in February 2023: LPL confirmed the closing and said FRGIS would keep serving financial institutions and advisors.
The current story is bigger: FRGIS later described itself as fully integrated with LPL and showed client assets above $60 billion.
The advisor takeaway: Large branch offices and OSJs can now become acquisition targets, capital partners and growth engines.
The client takeaway: Clients should ask whether branch ownership changes affect service, advisor support, account access, disclosures or investment program oversight.

This Was Not A Normal Recruiting Deal

LPL did not simply recruit a team away from another platform. It bought a business that was already inside its own platform.

That distinction matters. FRGIS was an LPL branch office, an Office of Supervisory Jurisdiction and a managed-program support provider for banks and credit unions. Its advisors and institution programs were already tied to LPL infrastructure. Its assets were already on LPL’s custodial platform.

So the acquisition was not mainly about moving assets. It was about changing ownership.

Why Ownership Mattered More Than Custody

Because FRGIS already operated within LPL, the main strategic question was not whether the assets could transition. The bigger question was who would control and fund the branch’s future growth.

LPL buying the equity changed the relationship in several ways:

LPL gained direct ownership of a major branch enterprise.
FRGIS gained access to more capital and platform support.
Succession became more structured.
Bank and credit union relationships became more closely tied to LPL.
LPL reduced the chance that an outside buyer could target the branch.
FRGIS could keep its brand and leadership while deepening integration.

That is why this deal matters. It showed LPL converting an important affiliation relationship into an owned strategic asset.

FRGIS Was Valuable Because It Sat Between LPL And Institutions

FRGIS was not only an advisor group. It was a connector between LPL, financial advisors, banks and credit unions.

LPL’s announcement said FRGIS supported approximately 800 advisors and 85 financial institutions nationwide, serving about $40 billion of advisory and brokerage assets. LPL also described FRGIS as an industry leader in managed programs for banks and credit unions.

That structure made FRGIS more strategically important than a traditional branch with a local advisor base. It had institutional relationships that helped LPL reach bank and credit union wealth programs across the country.

Why Bank And Credit Union Wealth Programs Matter

Banks and credit unions often have strong client relationships but may not want to build a full wealth management platform alone. They may need technology, compliance support, advisor recruiting, investment solutions, advisory programs, insurance access, training and supervision.

A branch like FRGIS can sit in the middle and make that model easier.

It can help institutions with:

Advisor recruiting and onboarding
Program management
Compliance and supervision
Technology adoption
Investment platform access
Training and education
Cross-platform advisor support
Client-service workflows
Growth consulting

That makes FRGIS a distribution engine, not just a collection of advisors.

The $140 Million Price Was About More Than Current Assets

The base price was $140 million in cash, with potential additional earnout payments over three years. That structure tells us LPL was buying current enterprise value and future performance.

The $40 billion asset figure mattered, but the strategic value was broader. FRGIS had relationships with financial institutions, a scalable operating model, an advisor-support team and a path to buying other advisors’ books or branches.

Why Earnouts Make Sense In A Branch Acquisition

Earnouts can align buyer and seller incentives. If the business continues to perform, the sellers may receive more. If performance falls short, the buyer avoids paying the full potential value upfront.

In a branch acquisition, earnouts can be useful because several things have to keep working after close:

Advisor retention
Institution retention
Client asset retention
Recruiting momentum
Service quality
Acquisition execution
Leadership continuity
Operational integration

The deal price was not only about what FRGIS had already built. It was about whether LPL and FRGIS could keep building.

Bruce Miller’s Capital Comment Was The Strategic Clue

InvestmentNews reported that Bruce Miller said FRGIS had two needs: capital and a succession plan.

That statement reveals the deeper industry trend. Large advisor branches and OSJs often grow to a point where they need more capital than the founder or leadership team wants to personally supply. They may want to buy books, buy other OSJs, recruit advisors, add staff or expand services. But they also need continuity if the founder eventually steps back.

Why Capital Became Urgent

Miller’s comment that the cost of capital had been rising over the prior six months matters. In 2022, financing conditions were tightening, making borrowing more expensive. For a growth-minded branch, that creates pressure.

A branch with acquisition ambitions may need cash for:

Buying advisors’ books of business
Acquiring other branches or OSJs
Recruiting experienced advisors
Expanding bank and credit union programs
Hiring operational and compliance staff
Building technology and service resources
Funding succession plans
Supporting transition costs

LPL could provide that capital more efficiently than a branch could source it alone.

Succession Was Not A Retirement Story. It Was A Platform-Risk Story.

Miller told InvestmentNews he was a long way from stepping down, but the deal gave FRGIS the start of a succession plan.

That is important. Succession is not only about an owner’s retirement date. It is about platform risk.

A branch supporting hundreds of advisors and dozens of financial institutions cannot rely entirely on one founder or leadership group. Banks, credit unions, advisors and clients need confidence that the business can continue if leadership changes.

Why Succession Matters More For Large OSJs

A small practice can sometimes manage succession informally. A large OSJ cannot. Too many people depend on the structure.

Succession planning at this scale affects:

Advisor confidence
Bank and credit union relationships
Staff retention
Client continuity
Regulatory supervision
Acquisition planning
Enterprise valuation
Platform loyalty

LPL’s acquisition helped convert succession from a future worry into a more formal ownership structure. That makes the deal as much about risk management as growth.

Equity Purchase Versus Asset Purchase Was A Big Distinction

InvestmentNews noted that LPL was buying FRGIS’s equity, different from an asset purchase where a firm might pick up advisors and assets while limiting certain liabilities.

That distinction matters because equity purchases carry a different ownership and risk profile. LPL was not only buying relationships. It was buying the company behind those relationships.

What An Equity Purchase Suggests

An equity purchase can make sense when the buyer wants the operating business to continue. In this case, LPL wanted FRGIS to keep operating independently within LPL, retaining its brand and leadership team.

That structure suggests LPL valued the whole operating engine:

Leadership
Staff
Brand
Institution relationships
OSJ infrastructure
Advisor support model
Training systems
Compliance and supervision structure
Growth pipeline

The deal was not simply “assets come to LPL.” They were already there. The deal was “LPL now owns the business that helps manage and grow those assets.”

Keeping The Brand Was Part Of The Acquisition Strategy

LPL said FRGIS would continue operating independently within LPL after closing, retaining its brand and leadership team.

That was not a minor detail. Brand preservation can help prevent acquired advisors and institutions from feeling like the relationship has been swallowed by a corporate parent.

Why Brand Continuity Helped Reduce Friction

Financial institutions can be conservative buyers of wealth-platform support. They do not want sudden changes that confuse clients, advisors or internal leadership. Advisors also may have joined FRGIS because they liked its service culture, not only because it used LPL.

Keeping the FRGIS brand helped LPL say:

The relationship will remain familiar.
The leadership team is staying.
The operating model is not being erased.
The branch’s culture still matters.
LPL is adding resources, not replacing identity.

The challenge is that brand continuity has to be real. If service, autonomy or decision-making changes too abruptly, the retained brand starts to feel cosmetic.

FRGIS Later Described A Deeper Integration Story

The closing was not the end of the story.

Financial Resources Group’s current site says it is now fully integrated with LPL and that it leverages enhanced scale and comprehensive resources to deliver more value to advisors and partnering institutions. The same site says client assets exceed $60 billion and describes further integration into LPL as a way to take better advantage of LPL’s tools and resources through the value of the Financial Resources Group brand.

That update is useful because it shows the transaction evolved beyond “brand retained, leadership retained.” FRGIS later framed the relationship as full integration with LPL while still preserving the branch’s identity.

Why Full Integration Changes The Reading

The current language suggests a two-step process:

Preserve identity during acquisition: Keep FRGIS recognizable to advisors and institutions.
Deepen integration after trust is maintained: Use more of LPL’s tools, resources, scale and infrastructure.

That is often how successful platform acquisitions work. Move too fast and advisors resist. Move too slowly and the acquirer never captures the benefit.

The best outcome is measured integration: enough continuity to preserve trust, enough platform alignment to improve the business.

FRGIS Became A Case Study In Institution-Focused Scale

LPL’s current institutional wealth language helps explain why the FRGIS deal aged well.

LPL’s institution page says the firm supports about 1,100 financial institutions and services or custodies $2.3 trillion in advisory and brokerage assets. It also emphasizes technology, strategic outsourcing, financial advisor recruitment and retention, compliance and risk management, and product expansion for banks and credit unions.

That is exactly the world FRGIS served.

Why Institution Wealth Is A Different Growth Engine

A financial institution channel is different from traditional advisor recruiting. The advisor is important, but the institution relationship is also central. A bank or credit union may care about client experience, regulatory oversight, profitability, referral systems, program governance and whether wealth management fits its broader brand.

That creates different growth questions:

Can the institution recruit and retain advisors?
Can the program deepen wallet share with existing clients?
Can technology integrate with bank or credit union workflows?
Can compliance be managed across institution and broker-dealer rules?
Can client referrals become financial planning relationships?
Can the program scale without overwhelming local branches?

FRGIS gave LPL more expertise in that exact institutional middle layer.

The Deal Showed How OSJs Became Acquisition Targets

An OSJ used to be easy to describe as a supervisory branch. But large OSJs became much more than that.

They can run recruiting, training, practice consulting, advisor support, compliance review, technology adoption, M&A assistance and local business development. They can also create loyalty between advisors and the branch, not only between advisors and the broker-dealer.

That makes large OSJs valuable and potentially risky for the parent platform.

Why LPL Would Want To Own A Major OSJ

A major OSJ can become a platform within a platform. If it grows large enough, it may eventually need capital, pursue acquisitions, or become attractive to another buyer.

Owning it can help LPL:

Protect advisor relationships
Protect institutional relationships
Capture more enterprise value
Support branch succession
Fund branch-level M&A
Improve alignment with LPL strategy
Reduce the chance of external ownership
Turn local operating expertise into a scalable platform resource

This is the core lesson. OSJs are no longer only administrative structures. They are businesses.

Cerulli’s Data Shows Why Scale Was Becoming Harder To Avoid

The FRGIS deal fits the larger broker-dealer consolidation trend.

Cerulli Associates reported that the independent broker-dealer channel had seen the greatest amount of consolidation over the prior three years. Cerulli also said the top 25 broker-dealer firms controlled more than 80% of all broker-dealer channel assets.

That concentration explains why giant firms like LPL were willing to buy branches, broker-dealers and platform businesses. Scale can fund technology, compliance, transition support, data, cybersecurity, advisor recruiting and institutional services.

Consolidation Is Not Only About Size

The key point is not that bigger is always better. The point is that many services advisors and institutions now expect are expensive to build.

Scale can support:

Better digital platforms
More robust compliance teams
Centralized supervision tools
Institution program consulting
Advisor growth support
M&A capital
Succession solutions
Marketing and training resources
Cybersecurity investment

For smaller broker-dealers, OSJs and institution programs, that creates a hard decision: build everything alone, partner more deeply with a larger firm, sell, or risk falling behind.

The Deal Also Connected To LPL’s Broader Acquisition Machine

InvestmentNews described LPL as an “acquisition machine.” That wording fit the moment and fits the later story.

LPL had already bought Waddell & Reed’s wealth management business and agreed to acquire Boenning & Scattergood’s private client business. It would later keep expanding through larger and more complex transactions, including Atria, Commonwealth and Mariner Advisor Network-related activity.

The FRGIS deal sits in the middle of that arc.

Why FRGIS Was Different From Boenning

Boenning & Scattergood was a legacy outside firm being brought into LPL’s employee-advisor model. FRGIS was an inside branch already on LPL’s platform.

That makes the comparison useful:

Deal Type

Boenning & Scattergood

Financial Resources Group

Starting point

Outside regional broker-dealer/RIA

Existing LPL branch and OSJ

Main strategic value

Legacy brand, advisors and private-client assets

Institution channel, OSJ infrastructure and branch enterprise value

Platform movement

Assets expected to onboard to LPL custody

Assets already on LPL custody

Integration challenge

Client onboarding and legacy-brand preservation

Ownership conversion and deeper integration

Strategic lesson

LPL can absorb regional firms

LPL can buy and scale its own platform businesses

The two deals together show how LPL was building several acquisition lanes at once.

Advisor Impact: The Branch Became A Stronger Platform, But Also A More Owned One

For advisors under FRGIS, the deal could feel positive. LPL’s capital and scale could help the branch expand resources, improve technology, support acquisition activity and provide better continuity.

But the ownership change also matters. Advisors who chose FRGIS as a branch partner may want to understand whether decision-making, support, costs or culture changed after LPL became the owner.

What Advisors Needed To Clarify

Advisor questions should focus on practical working conditions:

Will the FRGIS service model remain the same?
Will advisor payout, fees or branch-level charges change?
Will LPL influence branch strategy more directly?
Will compliance review become faster, slower or more centralized?
Will advisors get more acquisition or succession support?
Will bank and credit union programs see stronger resources?
Will the branch keep local decision-making authority?
Will the FRGIS brand remain meaningful over time?
Will advisors still have full book ownership and mobility?
Will additional LPL tools become required or optional?

The deal can strengthen an advisor’s business if resources improve. It can create concern if advisors feel the branch lost the independence that made it attractive.

Client Impact: Most Clients May Not Notice, But Institutions Will

End clients may not immediately know that LPL bought FRGIS. Their advisor, bank or credit union relationship may look the same. But the ownership change can still affect the structure behind the client experience.

For institutions, the impact may be more visible. Bank and credit union leaders may care about program support, compliance escalation, advisor staffing, technology, training and relationship management.

Questions Clients And Institutions Should Ask

For end clients:

Will my advisor or service team change?
Will my account portal, statements or custodian change?
Will my fees, advisory agreement or commission structure change?
Does this affect the investment products available to me?
Who supervises my advisor after the ownership change?
How does the transaction improve service or continuity?

For banks and credit unions:

Will FRGIS program leadership remain in place?
Will service-level agreements or support contacts change?
Will advisor recruiting support improve?
Will compliance, audit and supervisory support change?
Will technology resources expand?
Will institution branding or client-facing materials change?
Will LPL now play a more direct role in program strategy?

The deal works best when each stakeholder understands what changed and what did not.

Compliance: Institution Wealth Programs Need Cleaner Lines

Financial institution wealth programs can be compliance-sensitive because several relationships overlap.

The bank or credit union has its own brand and client base. The advisor may be affiliated with LPL. FRGIS may provide OSJ and program support. LPL supervises securities and advisory activity. Clients may assume the advisor is part of the bank when investment products are actually offered through a broker-dealer.

That structure is manageable, but it requires clarity.

The Control Areas That Matter

An acquisition like this should keep close attention on:

Disclosure of broker-dealer and bank relationships
Clear explanation of non-deposit investment products
Supervision of institution-based advisors
Referral and compensation arrangements
Client data and privacy controls
Use of bank or credit union branding
Advisory versus brokerage account distinctions
OSJ supervision responsibilities
Transition communications after ownership change

The ownership change does not automatically create a new client problem. But it raises the importance of clear disclosure and consistent supervision.

M&A Strategy: LPL Was Buying The Ability To Buy More

One of the most important lines in the InvestmentNews story was Miller’s comment that FRGIS needed cash to buy advisors’ books and other branches or OSJs.

That means LPL was not only buying FRGIS as it existed. It was buying FRGIS’s future acquisition engine.

Why Branch-Level M&A Matters

Large broker-dealers can acquire entire firms, but branch-level M&A can be more targeted. A branch may know local advisors, institution programs, OSJ owners and succession opportunities better than the corporate office does.

FRGIS could potentially help LPL pursue:

Advisor book acquisitions
OSJ acquisitions
Institution program expansions
Advisor succession transactions
Branch tuck-ins
Cross-platform advisor growth
Bank and credit union wealth program growth

LPL’s ownership gave that engine a stronger capital base. That is the growth logic behind the acquisition.

Recruiting: The Deal Strengthened LPL’s Institution Story

Recruiting in the bank and credit union channel is different from wirehouse recruiting.

An advisor inside a financial institution may care about referral flow, local client trust, institutional support, bank leadership, compensation, compliance clarity and whether the wealth program has a future. A bank or credit union may care about whether the platform can help recruit, retain and supervise high-quality advisors.

FRGIS gave LPL a stronger story in that lane.

The Recruiting Pitch After The Deal

LPL and FRGIS could tell advisors and institutions:

You get FRGIS’s high-touch support and LPL’s scale.
You keep a familiar branch brand and leadership team.
You gain access to broader LPL resources.
You can grow through independent, institution-based or cross-platform models.
You can get support for M&A and succession.
You join a platform with national institution scale.

That is a strong pitch if service quality backs it up.

The Recruiting Counterargument

Rivals could still push back. They could say LPL ownership makes FRGIS less independent, that a smaller platform offers more attention, or that advisors may face more centralized systems over time.

That is why retained brand and local support matter. LPL’s challenge was to make the acquisition feel like more capacity, not more bureaucracy.

The Current FRGIS Service Menu Shows The Deal’s Operating Logic

Financial Resources Group’s current service menu helps explain what LPL was buying.

FRGIS currently lists services including M&A, succession planning, financial planning, marketing, commissions and reporting, compliance and supervision, onboarding and transition support, technology consulting, virtual specialist support, advisor development and training. That is not a small branch support desk. It is a multi-function advisor platform inside the LPL ecosystem.

Why This Service Menu Matters

The service menu shows that FRGIS had become a business-building platform for advisors and institutions.

That gives LPL several advantages:

Advisor growth support already exists at branch level.
Compliance and supervision are embedded in a known structure.
Training and onboarding support can help new advisors ramp faster.
M&A and succession services support LPL’s broader asset-retention strategy.
Virtual specialist support can add operating leverage.
Technology consulting helps advisors adopt LPL tools.

This is exactly the kind of branch infrastructure a national platform would want to own rather than merely support from a distance.

The Cross-Platform Advisor Model Adds Another Layer

FRGIS’s current site describes independent advisors, institution-based advisors and cross-platform advisors.

That cross-platform model is important because it connects the institutional and independent worlds. A cross-platform advisor may serve clients through both an institution relationship and an independent practice structure.

Why Cross-Platform Support Is Strategically Useful

Cross-platform support gives LPL and FRGIS a way to serve advisors whose businesses do not fit one simple box.

A bank advisor may want more control over certain client relationships. An independent advisor may want access to financial institution referral opportunities. A financial institution may want to attract experienced advisors who already have books of business.

A cross-platform structure can help with:

Advisor recruitment
Referral growth
Book ownership flexibility
Institution program expansion
Client segmentation
Succession planning
Practice development

It can also create compliance and supervision complexity, which is why branch-level expertise matters.

The Deal Fits The Broader “IBD Hands-On” Shift

LPL’s purchase of FRGIS also belongs in the larger trend of independent broker-dealers getting closer to advisor enterprise value.

NJ Financial News has already covered how IBDs are moving closer to client relationships through book sales, minority stakes and succession tools. FRGIS is another version of that theme. LPL was not buying selected client accounts. It was buying a branch enterprise that supports advisors, institutions and client assets.

The logic is similar: large platforms want more control over the structures that keep assets inside the ecosystem.

What Changed In The IBD Model

The old model was affiliation. The new model is participation.

Large platforms now participate through:

Branch acquisitions
Advisor book sales
Minority investments
Succession programs
Equity financing
Supported independence
Employee-advisor models
Institution-channel acquisitions

The FRGIS deal is part of that evolution. LPL was no longer just the platform behind the branch. It became the owner of the branch.

What To Watch After Branch Acquisitions Like This

The transaction should be judged by what happens after the closing date.

A branch acquisition can look successful if assets stay, but the deeper test is whether advisors, institutions and clients feel better supported.

Signals That The FRGIS Deal Worked

A practical scorecard includes:

Advisor retention: FRGIS advisors remain under the branch after LPL ownership.
Institution retention: Banks and credit unions continue using the program.
Asset growth: Client assets grow beyond market movement.
M&A execution: FRGIS uses capital to support advisor book or branch acquisitions.
Succession strength: Leadership continuity becomes clearer.
Service quality: Advisors experience faster, stronger support.
Technology adoption: Advisors use LPL tools more effectively.
Compliance quality: Institution-based supervision remains clean and clear.
Brand value: The FRGIS name still helps with trust and recruiting.
Client clarity: End clients understand the relationship among advisor, institution, FRGIS and LPL.

The best acquisition outcome is simple: stakeholders feel the business became stronger without losing what made it work.

Bottom Line: LPL Bought The Branch Because The Branch Had Become A Platform

LPL’s acquisition of Financial Resources Group Investment Services was unusual because LPL bought one of its own.

That is what made the deal important.

FRGIS already sat inside LPL’s ecosystem, already had assets on LPL’s custodial platform and already served a major network of advisors, banks and credit unions. LPL was not buying custody migration. It was buying ownership, succession control, institutional-channel expertise and a branch-level growth engine.

The deal also showed how OSJs and large branch offices had changed. They were no longer only supervisory or support structures. They had become enterprise assets with their own brands, leadership teams, bank relationships, advisor communities and acquisition ambitions.

For advisors, the deal showed the upside and tension of scale. More capital and deeper LPL integration could improve support, technology and growth opportunities. But LPL ownership also meant the branch was no longer independent in the same way. For banks and credit unions, the deal offered more resources behind the program, but also made it important to understand how governance and support would evolve. For clients, the key question was whether service, account access, fees and advice remained clear and stable.

The headline was that LPL bought a giant branch. The larger story was that branch infrastructure had become valuable enough for the platform itself to own.

Frequently Asked Questions About LPL’s Financial Resources Group Deal

What Did LPL Buy?
LPL Financial acquired Financial Resources Group Investment Services, an LPL branch office and OSJ based in Fort Mill, South Carolina. FRGIS supported advisors and financial institutions that were already using the LPL platform.
How Big Was Financial Resources Group Investment Services?
At announcement, FRGIS included approximately 800 advisors and 85 financial institutions nationwide, serving roughly $40 billion of advisory and brokerage assets. Financial Resources Group’s current site later described client assets above $60 billion.
How Much Did LPL Pay?
LPL said the purchase price included $140 million in cash at closing, subject to standard adjustments, with additional earnout payments over the three years after closing.
Why Was This Deal Different From A Normal Acquisition?
The assets were already on LPL’s custodial platform because FRGIS was already an LPL client. The deal was mainly about LPL buying the equity of a large branch enterprise, not moving an outside firm onto LPL from scratch.
Why Did FRGIS Sell To LPL?
FRGIS CEO Bruce Miller told InvestmentNews the business needed capital and a succession plan. He also said the firm needed cash to buy advisors’ books and other branches or OSJs while the cost of capital was rising.