LPL Snaps Up $16B in Wintrust Assets
The IBD will also move about 85 advisors onto its Institution Services platforms.
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.
The $16 billion of assets that are part of the deal announced Friday should move to LPL in the first quarter of 2025, subject to regulatory approval and other conditions.
“We’ve had a great relationship with Wells Fargo and First Clearing for some time,” said Tom Zidar, chairman and CEO of Wintrust Wealth Management, in an interview with ThinkAdvisor. “With our growth goals today, we decided it’s better for us to move forward with LPL Financial.”
In 2023, LPL added 1,386 advisors and ended the year with some 22,660. Recruited assets for the year totaled $80 billion, while net new assets generated by existing advisors were $100 billion. Overall, it has $1.35 trillion of client assets on its platforms.
The firm plans to onboard 2,600 financial advisors from Prudential Financial this year and expects to complete the transition of up to 2,400 advisors with Atria Wealth Solutions by mid-2025.