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October 08, 2020 at 06:17 PM
LPL Financial Exec Rich Steinmeier
LPL Financial says BMO Harris Financial Advisors is set to move some $14 billion in brokerage and advisory assets and 115 financial advisors onto its platform by the middle of next year.
The group is the retail brokerage and advisory business of BMO Harris Bank of Chicago, which is owned by Bank of Montreal and currently is the 21st largest bank in the U.S.
The news comes two months after M&T Bank of Buffalo, New York, announced plans to add its $20 billion wealth business to LPL’s platform next year. That development includes 170 advisors and represents the largest addition yet for LPL’s institutional channel, which works with some 800 bank and credit unions.
“We are excited to welcome BMO Harris Financial Advisors to LPL’s network of institutional clients,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development, in a statemnt.
“We look forward to helping them serve and support their clients, expand their value proposition, and grow their business moving forward,” Steinmeier explained.
