Through its institution services business unit, LPL Financial is a provider of third-party investment services to banks and credit unions. As a result of this acquisition, LPL Financial will have the ability to support both the brokerage and trust business lines of current and prospective financial institution partners.

This unique combination of offerings will create an integrated wealth management solution for financial institutions that the company believes will redefine the market.

Upon completion of this transaction, all Concord employees are expected to join LPL Financial, and Concord's Matawan, New Jersey, office will be retained.

The transaction is subject to customary closing conditions and is expected to close during the third quarter of 2011. Financial terms of the transaction were not disclosed.

Dan Arnold, divisional president and managing director for LPL Financial Institution Services, said: “We are excited about the potential for this transaction, which will significantly expand the services and support we can offer the trust departments of our existing financial institution customers and create multiple new expansion opportunities for us in this space.

“Concord Wealth Management's open architecture platform makes the firm a particularly strong fit with our business model and our commitment to offering our advisors-and, upon closing of this transaction, Concord's customers-access to a broad range of quality investment options for their clients.”

Lee Argush, executive managing director of Concord Wealth Management, said: “We are very pleased to join forces with the independent broker-dealer, and we are confident this strategic combination of our businesses will only enhance the industry leadership and reputation for outstanding technology, investment management tools and customer support that we have built for our firm over the years.”

Will the acquisition benefit LPL Financial?

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