LPL Financial to Buy 108-Year-Old Firm

Explaining why he decided to sign the deal with LPL, Harold Scattergood Jr., chairman and CEO of Boenning & Scattergood, said: “Our family business has a 108-year history of helping our clients build and secure their financial legacies, and LPL is the right partner for us to carry that legacy and our business forward.

“Importantly, LPL took the time to understand our business, our culture and our goals. LPL’s commitment to investing in our superior wealth management platform will help us to further our capabilities to enrich and grow our support for clients.”

What made Boenning & Scattergood attractive to LPL was that it “has a long history of making a positive difference in the lives of their clients, employees and the communities they serve,” according to Rich Steinmeier, LPL managing director and divisional president, business development.

“As their partner, we can provide an operational model that allows Boenning & Scattergood to focus on client experience and firm growth,” Steinmeier said in a statement. They have the freedom to run their business on their terms, with the ability to stay focused on their client relationships.”

LPL now supports over 20,000 financial advisors, about 500 RIA firms, and about 1,000 institution-based investment programs nationwide. As of March 31, LPL had total advisory and brokerage assets of $1.2 trillion, according to its website.