M&T Bank joins LPL Financial Institutional Services

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SAN DIEGO, June 24, 2021 (GLOBE NEWSWIRE) – LPL Financial LLC today announced that the retail brokerage and advisory business of M&T Bank (NYSE: MTB) has joined LPL’s Institution Services platform. The company is comprised of approximately 210 financial advisors, who collectively serve approximately $ 22 billion in brokerage and advisory assets.

“This agreement represents a significant milestone for M&T Bank in its mission to address key gaps in consumers’ financial planning and help them achieve their important life goals,” said Matt McAfee, Senior Vice President and Head of Markets wealthy at M&T Bank. “We are delighted to be working with LPL and taking advantage of its economies of scale and innovative technology, which are an essential part of our personalized brokerage, advisory and insurance solutions. ”

“We are proud to serve M&T Bank with the full support of LPL’s Institution Services platform,” said Rich Steinmeier, Managing Director of LPL Financial and Division President, Business Development. “LPL has a long history of serving leading institutions and will continue to make significant investments in technology, risk management and digital capabilities that contribute to a differentiated customer experience. We look forward to a long-term partnership that contributes to the overall goals of the bank by strengthening customer relationships.

M&T Bank and LPL Financial signed an agreement in July 2020 to transfer support for the bank’s retail advisory and brokerage activities to LPL. As of June 12, approximately $ 14 billion in brokerage and advisory assets were brought into LPL, including approximately $ 11 billion in brokerage assets and approximately $ 3 billion in advisory assets. The remaining ~ $ 8 billion in assets are expected to be shipped over the next few months.

About LPL Financière
LPL Financial (Nasdaq: LPLA) was founded on the premise that the business should work for the adviser, not the other way around. Today, LPL is a leader * in the markets we serve, supporting more than 18,000 financial advisors, 800 institutional investment programs and 450 independent RIA companies across the country. We are unwavering in our commitment to the advisor-centric model and our belief that Americans deserve access to objective advice from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services and technological resources that allow them to perfectly manage their practice. And they have the freedom to manage their customer relationships because they know their customers better. Simply put, we take care of our advisors so that they can take care of their clients.

* AIR’s main custodian (Cerulli Associates, 2019 US RIA Marketplace Report); # 1 independent brokers in the United States (based on total revenues, Financial Planning magazine June 1996-2020); 1st provider of brokerage services on behalf of third parties to banks and credit unions (Annual report TPM Kehrer Bielan Research & Consulting 2020-2021; Fortune 500 in June 2021)

Securities and advisory services offered by LPL Financial LLC, an SEC registered brokerage and investment advisor. FINRA / SIPC member.

Throughout this communication, the terms “financial advisers” and “advisers” are used to refer to the registered representatives and / or representatives of the investment advisers affiliated with LPL Financial LLC. We regularly disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Forward-looking statements
Statements in this press release regarding the future operating results, growth and plans of LPL Financial Holdings Inc. (with its subsidiaries, including LPL Financial LLC, “LPL”) and M&T Bank, including those related the expected future benefits of the relationship between LPL and M&T Bank, the levels of assets served, the experience of advisors and clients, the investments of the platform, and the amount and timing of the integration of brokerage assets and advice, as well as any other statement which is not related to current facts or current conditions or which are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the historical performance of the retail brokerage and advisory businesses of LPL and M&T Bank and on LPL’s plans, estimates and expectations as of June 24, 2021. Forward-looking statements do not guarantee that the amount or the the moment of integration of the assets, or the results, plans, intentions or expectations, expressed or implied by LPL or M&T Bank will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may result in embedded asset levels, actual financial or operational results, activity levels or timing of events to be materially different from those expressed or implied by forward-looking statements. In particular, LPL cannot guarantee that assets declared to be managed by M&T Bank’s retail financial advisers will translate into assets managed by LPL. Significant factors that could cause or contribute to such differences include: difficulties and delays in integrating the assets of M&T Bank’s retail advisers; disruptions in the activities of LPL or M&T Bank which could make it more difficult to maintain relationships with their respective advisers and clients; the choice by the clients of M&T Bank’s private advisers not to open brokerage and / or advisory accounts with LPL; changes in general economic and financial market conditions, including sentiment among retail investors; fluctuations in the value of assets in custody; the effects of competition in the financial services industry, including the success of competitors in recruiting M&T Bank retail advisers and their clients; and the other factors set out in Part I, “Article 1A. Risk Factors ”in LPL’s 2020 Annual Report on Form 10-K and any subsequent filing with the SEC. Except as required by law, LPL specifically disclaims any obligation to update any forward-looking statement as a result of developments occurring after the date of this press release, even if its estimates change, and you should not rely on such statements as representing the point of view of LPL. at any date after June 24, 2021.

Media contact:
Lauren Hoyt-Williams
(980) 321-1232
[email protected]


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