LPL sniffs Philly broker Boenning & Scattergood: report

LPL Financial Holdings Inc. is kicking the advisors and wealth management assets of Boenning & Scattergood Inc., a Philadelphia-area brokerage firm, according to a report in the Philadelphia Inquirer on Friday.

Citing industry sources, the report says Boenning & Scattergood, which was founded in 1914, had achieved the goal of an expected restructuring and potentially spillover from various business lines, including wealth management. .

But the deal was not yet done as of Thursday, the company’s chairman and CEO, Harold F. Scattergood Jr., told staff during a noon meeting, according to the report, which cites two people close to company for this detail. The company is based in West Conshohocken, Pennsylvania, outside of Philadelphia.

With over 20,000 financial advisors affiliated, LPL Financial has been an advisor and broker acquisition machine.

The firm announced this winter that it recruited advisers with $89 billion in assets last year, more than double the amount — $42 billion — from the previous year. Also last year, LPL continued its series of acquisitions of brokers and wealth management companies and completed the purchase of the wealth management business of Waddell & Reed Financial Inc., paying $300 million for 70% of Waddell & Reed’s 921 advisors.

A spokesperson for LPL did not return calls for comment. A Boenning & Scattergood spokesperson had no comment.

Boenning & Scattergood’s registered investment adviser, 1914 Advisors, has about $1.2 billion in client assets, according to its Form ADV. The number of financial advisers and brokers under its umbrella is unclear, but the company offers a range of services, including investment banking, public finance and municipal trading, areas for which LPL has not made any representations. no interest in the past.

According to the article, Scattergood said the company’s RIA and brokerage arm held approximately $5 billion in assets and would continue to carry the Boenning & Scattergood name.

About the author