M&T Bank of Buffalo, New York, is set to move its $20 billion wealth business onto LPL Financial’s platform by mid-2021, the two firms said early Wednesday — making it the largest of some 800 bank and credit unions to join LPL to date. The M&T business includes about 170 advisors.
The bank — which serves consumer and commercial clients in the Northeast and Mid-Atlantic — currently offers brokerage, advisory and insurance solutions through its M&T Securities unit.
With the move to LPL, the wealth unit will get a new brand name. M&T Securities will continue to exist as an institutional broker-dealer under M&T Bank.
“We are excited to welcome M&T to LPL’s network of institutional clients,” said Rich Steinmeier, LPL’s head of Business Development, in a statement.
LPL, which has budgeted some $160 million for technology this year, is set to release its second-quarter earnings late Thursday. In mid-May, the broker-dealer and RIA said it was opening a new technology hub in Austin, Texas, where it plans to hire more than 100 employees.
“After considerable consultation and assessment with clients, we decided that a long-term strategic partnership with a firm that has complementary capabilities to enhance our offerings was the best approach for our clients,” said Matt McAfee, head of Affluent Wealth Markets for M&T, in a statement.