LPL Financial says it expects to onboard some $16 billion of assets from First Horizon Bank as part of an agreement announced Monday. The news comes one week after the independent broker-dealer said it was buying rival Commonwealth Financial for $2.7 billion.
As part of LPL’s latest deal, First Horizon Advisors — a unit of that bank that includes about 110 financial advisors in 12 states — will gain access to wealth management products, services and solutions through LPL’s Institution Services platform.
“Through their community-minded commitment to excellence, First Horizon Advisors delivers well-respected and comprehensive financial advice to their clients,” according to Christopher Cassidy, LPL's senior vice president of institutions.
“LPL will further enhance the competitive advantage of First Horizon Advisors by delivering seamless experiences and customized support while powering the future of advice through one unified vision,” Cassidy added.
The movement of First Horizon Advisors’ assets is expected to be completed in the second half of 2025, subject to regulatory approvals and other conditions.
“LPL’s industry-leading capabilities and operational support will allow us to expand our offering and concentrate our talent, resources and capital on driving continued growth and outstanding client experiences,” First Horizon Advisors' president, Martin de Laureal, said in a statement.
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