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January 17, 2017 at 08:54 AM
LPL Financial says a community bank with about $810 million in advisory and brokerage assets is the latest client to sign on to its Institution Services platform: First Interstate Wealth Management, which says that its 40 financial consultants will use LPL’s services.
Overall, the bank has 80 offices in Montana, Wyoming and South Dakota.
First Interstate’s executives “recognize the value the wealth management program delivers to the client experience and the bank’s bottom line,” according to Craig Kamis, head of Institutional Business Development for LPL. “We are excited they recognized LPL as a leader, and we look forward to supporting the First Interstate team as they continue to help their clients work toward their financial goals.”
LPL, which is working with about 700 banks and credit unions nationwide, is set to release its fourth-quarter 2016 earnings on Feb. 9. Analysts are expecting it to report earnings per share of $0.36 on revenue of $999.18 million.
Last week, Goldman Sachs upgraded its view of the company and its shares to a neutral rating from a sell rating, while Zacks Investment Research improved its rating to buy from hold.
“Partnering with LPL allows us to align with the firm we view as the strongest player in the independent broker-dealer space,” said Patricia Smith, president of First Interstate Wealth Management, in a statement.
