LPL expects to complete the purchase of Financial Resources Group Investment Services (FRGIS) in 2023. FRGIS is LPL's largest branch office, with 800 advisors working with 85 financial institutions and $40 billion of advisory and brokerage assets.

According to ThinkAdvisor, the deal is structured as an equity purchase, including $140 million to be paid at closing and additional earn-out payments to be made over the next three years.

Rich Steinmeier, LPL's Financial managing director, and the divisional president, believes the acquisition will strengthen LPL's relationship with a strategically important client and provide a foundation to accelerate the expansion of several strategic growth areas, particularly in the financial institution space. According to Steinmeier, FRGIS is an industry leader of managed programs for banks and credit unions, providing a strategic complement to LPL's existing enterprise offering. FRGIS will operate independently within LPL, keeping its brand and leadership team after the acquisition.

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