Private Advisor Group Announces Minority Investment by LPL Financial

LPL Financial Joins Merchant in Minority Ownership of Private Advisor Group, Strengthening Strategic Alignment

MORRISTOWN, N.J., Nov. 19, 2025 /PRNewswire/ — Private Advisor Group, a leading financial services firm and LPL Financial Holdings Inc. (Nasdaq: LPLA) (together with its subsidiaries, including LPL Financial LLC, “LPL Financial” or “LPL”) announced today LPL’s acquisition of a minority ownership stake in Private Advisor Group. This agreement will deepen Private Advisor Group’s alignment with one of the fastest-growing wealth management firms in the U.S., enabling the firm to fuel innovation and accelerate advisor growth and engagement. As part of this effort, the firms will expand resources for practice management and succession planning to help advisors strengthen and sustain their businesses over the long term.

Further diversifying ownership, LPL joins Merchant Investment Management (Merchant) as a minority owner of Private Advisor Group alongside legacy shareholders, reinforcing the firm’s foundation to better serve its advisor community and their clients for years to come.

“LPL is a natural partner based on our shared history and mutual alignment,” said Frank Smith, CEO of Private Advisor Group. “At Private Advisor Group, we believe in offering advisors choice, flexibility, and a true path to growth. Both LPL and Merchant share this mindset and are uniquely positioned to advocate for advisors and shape the trajectory of our industry.”

Marc Cohen, Group Managing Director, Chief Growth Officer at LPL added, “We are excited to strategically deepen our relationship with Private Advisor Group, which has been built over nearly 30 years on the shared value of driving advisors’ success. This alignment will allow us to better deliver solutions to support advisors throughout their business lifecycle.”

Powered by an advisor-first mindset, Private Advisor Group has been actively developing resources and solutions for its growing community. Since the firm’s partnership with Merchant in 2021, Private Advisor Group has made significant investments in people, process and technology. Examples include the launch of its Alignment & Equity Program, WealthSuite investment management platform and Greenhouse, fueling innovation and accelerating asset growth.

“This investment deepens Private Advisor Group’s alignment with LPL and strengthens the collaboration among all three firms. What excites us most is the power of partnership—combining Private Advisor Group’s entrepreneurial spirit, Merchant’s growth-oriented support, and LPL’s scale to build a lasting foundation for advisors today and create pathways for the next generation of leaders to thrive,” added Tim Bello, Co-Founder and Managing Partner at Merchant.