Blaze Portfolio’s innovative trading and portfolio rebalancing software will be integrated into LPL’s core technology platform, delivering a sophisticated solution to help drive efficiency and scale in advisors’ practices
LPL Financial Holdings Inc. (Nasdaq: LPLA), the parent corporation of leading retail investment advisory firm and independent broker/dealer LPL Financial LLC, today announced the company has acquired Blaze Portfolio, a Chicago-based fintech firm founded in 2010. Blaze Portfolio currently serves 135 investment firms and provides an advisor-facing trading system that LPL will integrate into its platform to expand its wealth management capabilities and drive growth.
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“For many advisors, our trading platform is their lifeblood, and the way they express and execute their investment strategies for their clients in a sophisticated way. It’s important, therefore, that we continue to invest in our offering to help them differentiate, grow and win in the marketplace,” said Burt White, LPL Financial managing director and Chief Investment Officer. “Acquiring Blaze Portfolio will enable us to provide our advisors with a dynamic trading and rebalancing system that can be utilized by practices of all sizes, affiliations and sophistications to meet their clients’ needs.”
In addition to bringing Blaze Portfolio’s trading capabilities to all LPL Financial advisors, LPL will continue to offer Blaze Portfolio’s services as a stand-alone solution to the wealth management industry. LPL intends to retain the talented team of employees who will continue to evolve and expand the Blaze Portfolio technology offering.
“We are excited to join LPL because of our shared commitment to innovation and focus on delivering best-in-class advisor technology,” said Blaze Portfolio Chief Executive Officer Bryson Pouw. “With LPL, we have opportunity to scale, expand the capabilities of our product and partner with an experienced team to design technology around the advisor experience.”
The transaction signed and closed on Oct. 26, 2020. LPL paid an initial purchase price of approximately $12 million and has agreed to a potential contingent payment of up to $5 million subject to milestones and customary purchase price adjustments.
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