LPL Financial Corporation and National Retirement Partners have entered an agreement under which LPL Holdings, the former's parent firm, will take over certain assets of NRP.

Under completion of the deal, NRP employees will become part of LPL Financial to create a new unit within the firm called LPL Financial Retirement Partners. It will then be led by present NRP chief executive officer and president Bill Chetney.

NRP provides services for retirement plan sponsors and participants, as well as financial services to high net worth individuals. The acquisition is expected to further enhance LPL's capabilities in the retirement plan space and introduce new growth opportunities for the company.

Financial details of the transaction were not disclosed, but both parties said it is likely to be finalized in the fourth quarter of 2010.