LPL wins $20bn retail brokerage business from M&T Bank
July 29, 2020
Louis Diamond Quoted
By Ian Wenik
M&T Bank is moving its retail brokerage and advisory business to LPL Financial, the two companies said on Wednesday.
The move will add roughly $20bn in client assets under management and 170 advisors to LPL’s institutional platform. LPL said that M&T Bank will be the largest financial institution it serves.
‘It’s a major win not just because of the size of the business they are onboarding but also because it’s a brand name institution,’ Diamond said. ‘I also suspect it was a very competitive process given what was at stake and the amount of new revenue opportunities for the clearing and custody provider.’