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LPL Hits Milestone on $22B M&T Bank Deal

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What You Need to Know

  • Roughly $14 billion of assets had been onboarded, and the remaining $8 billion should be moved over the next few months.

About 11 months after announcing the business partnership, LPL Financial said late Thursday that M&T Bank’s retail brokerage and advisory business has moved more than half of its $22 billion of assets onto its institutional platform.

On June 12, roughly $14 billion of assets had been onboarded to LPL. The remaining $8 billion of assets should be moved to LPL over the next several months. M&T’s brokerage and advisor business includes some 210 financial advisors. 

“LPL has a long history of serving leading institutions and will continue to make meaningful investments in technology, risk management and the digital capabilities that contribute to a differentiated customer experience,” said Rich Steinmeier, LPL’s head of business development, in a statement.

“We look forward to a long-term partnership that contributes to the bank’s overall goals by empowering deeper relationships with customers,” Steinmeier added. 

When the deal was announced last year, it included about $20 billion in assets and 170 advisors, making it the largest of some 800 bank and credit unions to join LPL to date. 

“We are excited to be working with LPL and to leverage its economies of scale and innovative technology, which is an essential component of our customized brokerage, advisory and insurance solutions,” according to Matt McAfee, head of affluent markets at Buffalo, New York-based M&T Bank.