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Financial Planning > Behavioral Finance

LPL to Add $14B Bank-Based Advisory Group

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LPL Financial Exec Rich Steinmeier 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.

LPL ended the second quarter of 2020 with 16,973 independent advisors, up 812 — or about 5% — from the year-ago quarter, and up 251 — or about 1% — from the prior period.

The firm’s total assets stood at $762 billion as of June 30, with overall net new assets in Q2 hitting $13 billion.

Also on Thursday, LPL announced it had struck a deal with Paychex to offer its affiliated independent advisors access to health care and other employee-related services to their staff for the 2021 enrollment period.

See: LPL Rolls Out Health Care, Benefits Program for Advisors 


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