LPL Financial said on Wednesday it plans to acquire Concord Wealth Management, which provides products and technology to trust departments in banks and credit unions. LPL already provides investment platforms to banks and credit unions and this acquisition will give the firm an entry into these institutions' trust departments as well, said Dan Arnold, divisional director of LPL Financial Institution Services. "This is going to allow us to participate in a rapidly growing area in the trust services field," said Arnold in an interview. The terms of the deal were not disclosed.
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