LPL Financial acquiring private client group business of Boenning & Scattergood

LPL Financial LLC agreed to acquire the private client group business of Boenning & Scattergood in a transaction expected to close in early 2023.

The business will onboard to the employee adviser model of LPL and retain its brand, according to a news release.

Boenning & Scattergood consists of about 40 financial advisers serving roughly $5 billion of advisory and brokerage assets, the release said.

Under the transaction structured as an asset purchase, LPL will onboard Boenning & Scattergood advisers and certain staff as employees and maintain Boenning & Scattergood's operations and brand. The client assets of Boenning & Scattergood will onboard to LPL's custodial platform.