LPL Financial Adds $20B M&T Bank to Brokerage, Advisory PlatformLPL Financial Adds $20B M&T Bank to Brokerage, Advisory Platform
M&T Bank, which will shift its brokerage and advisory business from its own subsidiary to LPL in 2021, is the largest financial institution to join LPL.
Buffalo, N.Y.-headquartered M&T Bank said it has chosen LPL Financial to support its retail brokerage and advisory business, with plans to shift that business from its subsidiary, M&T Securities, to the independent broker/dealer in the middle of 2021. M&T, with $20 billion in retail assets under management and 170 advisors, will be the largest financial institution to join LPL’s platform.
“After considerable consultation and assessment with clients, we decided that a long-term strategic partnership with a firm that has complementary capabilities to enhance our offerings was the best approach for our clients,” said said Matt McAfee, senior vice president and head of M&T Affluent Wealth Markets. “LPL is able to offer superior technology at the scale and pace that will help us differentiate our services and deepen our relationships with clients.”
M&T was particularly attracted to LPL’s technology, including its digital service experience, financial planning tools, electronic delivery and signature capabilities, and systems for access statements and performance reports.
M&T Securities will continue to operate as an institutional broker/dealer under M&T Bank.
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