July 10, 2012
/PRNewswire/ -- NestWise LLC (formerly known as LPL New Venture LLC )("NestWise"), a recently formed subsidiary of LPL Financial Holdings Inc. designed to provide the mass market with access to high-quality and affordable personal financial advice, today announced its intent to acquire Veritat Advisors, Inc. ("Veritat").
Veritat is a full-service registered investment advisory firm that leverages a proprietary online financial planning platform designed to support advisors who serve the mass market. The company combines advanced technology systems with sensible, practical and customer-driven financial advice.
, PhD, a professor at the Wharton School at the
University of Pennsylvania
and a leading authority on financial planning, co-founded the company in 2008.
NestWise LLC was also announced as the new name for LPL New Venture LLC, reflecting the company's focus on the recruitment and development of new-to-the-industry financial advisors committed to providing high-quality and affordable personal financial advice for the mass market.
, CEO of NestWise, said, "NestWise and Veritat are a perfect fit and share a common vision and philosophy. This strategic acquisition will significantly enhance the technology capabilities of NestWise as we look to serve the mass market. NestWise, which will operate as a registered investment advisory firm, will leverage both Veritat's robust technology base and LPL Financial's industry-recognized advisory platform and deep expertise in supporting independent advisors."
Dr. Smetters said, "Veritat's mission has been to deliver full-service and objective financial advice, and this makes our company a particularly strong fit with NestWise. Our software solution offers the flexibility to support the unique needs and financial goals of the mass market, while driving efficiency and scale."
While Dr. Smetters plans to resume his career at
full-time following the completion of the transaction, he has agreed to continue his support of Veritat by serving as a consultant to NestWise.
The transaction is expected to close during the third quarter of 2012. Financial terms of the transaction were not disclosed.