LPL Hits Milestone on $22B M&T Bank Deal

What You Need to Know

  • Roughly $14 billion of assets had been onboarded, and the remaining $8 billion should be moved over the next few months.

About 11 months after announcing the business partnership, LPL Financial said late Thursday that M&T Bank’s retail brokerage and advisory business has moved more than half of its $22 billion of assets onto its institutional platform.

On June 12, roughly $14 billion of assets had been onboarded to LPL. The remaining $8 billion of assets should be moved to LPL over the next several months. M&T’s brokerage and advisor business includes some 210 financial advisors. 

“LPL has a long history of serving leading institutions and will continue to make meaningful investments in technology, risk management and the digital capabilities that contribute to a differentiated customer experience,” said Rich Steinmeier, LPL’s head of business development, in a statement.

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