LPL Financial has acquired wealth management technology firm AdvisoryWorld, LPL says.

The Carlsbad, Calif.-based fintech firm, founded in 1987, currently serves more than 30,000 financial advisors and institutions, and LPL will continue to offer its services as a stand-alone application, according to a press release from LPL.

But all of LPL’s financial advisors will now have access to AdvisoryWorld’s suite of tools, which includes programs for generating proposals, investment analytics and portfolio modeling, LPL says.

LPL also plans to keep AdvisoryWorld’s staff, according to the press release. The deal closed on Monday, with LPL paying a $28 million lump sum funded with cash set aside for corporate use, the company says.

“We believe AdvisoryWorld’s industry-leading capabilities will help our advisors grow their business, gain efficiencies and enhance the way they serve their clients,” Dan Arnold, LPL Financial president and CEO, says in the press release. “This acquisition is another example of our capacity to invest in our advisors’ business as we remain focused on delivering best-in-class capabilities and tools to help them differentiate and win in the marketplace.”

LPL has been aggressively recruiting advisors, most recently from Cetera and also from Cadaret, Grant. In both those moves, the incoming advisors touted LPL’s technology offerings as among the top reasons they joined the firm.