Forigent is now an independent subsidiary of LPL Investment Holdings, LPL Financial’s parent firm, and will maintain its existing brand and team. The Maryland-based firm is now able to support an “an even broader range of financial advisor business models” while extending its reach across the high net worth marketplace, the firm said.

The financial terms of the transaction were not disclosed.

In other recent news, LPL Financial realigned its management responsibilities and launched a new subsidiary earlier this month, which involved both Robert Moore and Esther Stearns moving to new roles. The firm's new subsidiary, LPL New Venture, will exploit “dynamic growth opportunities” in the financial services marketplace, LPL said.