LPL Financial takes over FinTech firm Blaze Portfolio

By Pavithra R

LPL Financial Holdings, a leader in the retail financial advice market and the nation’s largest independent broker/dealer, has acquired Blaze Portfolio, a Chicago-based FinTech firm providing trade order management and portfolio rebalancing for investment professionals.

Founded in 2010, Blaze Portfolio develops scalable investment portfolio rebalancing software and real-time trade order management technology for wealth managers, investment advisors, multi-family offices, digital advisors and industry partners. It currently serves 135 investment firms and provides an advisor-facing trading system that LPL Financial will integrate into its platform to expand its wealth management capabilities and drive growth.

“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. 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,” said Burt White, LPL Financial managing director and Chief Investment Officer. 

Besides bringing Blaze Portfolio’s trading capabilities to all LPL advisors, LPL Financial will continue to offer Blaze Portfolio’s services as a stand-alone solution to the wealth management industry. LPL is planning to retain the talented team of employees who will continue to evolve and expand the Blaze Portfolio technology offering. LPL paid an initial purchase price of approx. $12 mn and has agreed to a potential contingent payment of up to $5 mn subject to milestones and customary purchase price adjustments.

“We are excited to join LPL because of our shared commitment to innovation and focus on delivering best-in-class advisor technology. 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,” said Blaze Portfolio Chief Executive Officer Bryson Pouw.

Established since 1989, LPL was founded with a pioneering vision: to help entrepreneurial financial professionals establish successful businesses through which they could offer truly independent financial guidance and investment advice.

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