LPL to buy broker with $9B in AUM; top 10 fastest growing independent broker-dealers; Vanguard slashes robo threshold

INDUSTRY NEWS: LPL Financial is pressing forward with its recent string of big acquisitions by scooping up a hybrid firm with billions under management and more than 200 advisors.

LPL announced Wednesday that it's buying The Investment Center, Inc. , a broker-dealer and registered investment advisor in Bedminster, New Jersey. The price of the deal, expected to close in the first half of 2025, was not disclosed. The Investment Center was founded in 1986 to provide back-office support, investment services and technology to financial advisors. It now has $9 billion under management and 240 advisors, according to LPL's announcement. The firm's RIA arm, named IC Advisory Services, listed $2.14 billion in AUM in April in its latest regulatory filing with the Securities and Exchange Commission.

Read: LPL buying broker with $9B in AUM and 240 advisors

INDEPENDENT BROKER-DEALERS: The largest independent brokerages in wealth management are reaping gains from their scale advantage, but some of their midsize rivals are thriving as well.

In Financial Planning’s rankings of the 10 fastest growing firms in the channel, giant companies occupy seven of the 10 spots. However, some smaller competitors also made the list — see who they are.

Read: The 10 fastest growing independent brokerages

WEALTH MANAGEMENT: Vanguard has significantly cut its minimum asset threshold for investors to access its robo advisor service, Digital Advisor, from $3,000 to $100.

The move announced on Sept. 4 widens the firm's reach to more DIY investors, who tend to utilize digital advice services. This segment is also more often populated by people from younger generations who are comfortable with digital investing and often use it as an easier investor entry point. 

Read: Vanguard slashes investment minimum to $100 for robo advisor

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