BOSTON, 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. Kent Smetters, 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.
Esther Stearns, 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 Wharton 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV