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In the News

LPL wins $20bn retail brokerage business from M&T Bank

Posted by Louis Diamond

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.’

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Louis Diamond

About Louis Diamond

Executive Vice President, Senior Consultant – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

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