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February 23, 2024 at 11:35 AM
LPL Financial has struck a deal with Chicago-based Wintrust Financial, which means it will move about 85 advisors and $16 billion in client assets onto its Institution Services platforms. Previously, these assets were held at First Clearing, a clearing and custody unit of Wells Fargo.
The news comes 10 days after LPL announced plans to buy Atria Wealth Solutions, which works with 2,400 advisors, 150 banks and credit unions, and $100 billion of assets.
Wintrust Financial’s operations include Wintrust Investments, a broker-dealer and RIA with $13 billion of brokerage and advisory assets, and Great Lakes Advisors, an RIA that will move about $3 billion of its private client business to LPL.
“Through this strategic relationship, LPL will enable Wintrust advisors to further differentiate their offerings, as they will have access to a cutting-edge platform that supports the changing needs of their clients and their businesses,” according to Christopher Cassidy, LPL’s head of Institution Business Development.
