LPL Financial Holdings Inc. completed its acquisition of Lakeland, Fla.-based registered investment adviser Allen & Co. of Florida Inc.
All 33 Allen & Co. advisers joined LPL Financial as a result of the transaction, which closed Aug. 1. Allen & Co. will maintain its operations and brand.
About $3 billion of client assets are expected to transfer onto LPL Financial's platform by the end of 2019.
LPL Financial estimates a transaction multiple of approximately 7x post-synergy EBITDA, according to a news release.