M&T Bank Joins LPL Financial’s Institution Services Platform

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 business comprises ~210 financial advisors, who collectively serve ~$22 billion of brokerage and advisory assets.

“This agreement represents a significant milestone for M&T Bank in its mission to bridge the key gaps in consumers’ financial planning and help fulfill their important life goals,” said Matt McAfee, Senior VP & Head of Affluent Markets at M&T Bank. “We are excited to be working with LPL and to leverage its economies of scale and innovative technology, which is an essential component of our customized brokerage, advisory and insurance solutions.” 

“We are proud to serve M&T Bank with the comprehensive support of LPL’s Institution Services platform,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “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. We look forward to a long-term partnership that contributes to the bank’s overall goals by empowering deeper relationships with customers.”

M&T Bank and LPL Financial signed an agreement in July 2020 to transition support of the bank’s retail advisory and brokerage business to LPL. On June 12, approximately ~$14 billion of brokerage and advisory assets were onboarded to LPL, including ~$11 billion of brokerage assets and ~$3 billion of advisory assets. The remaining ~$8 billion of assets are expected to onboard over the next several months.  

About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader* in the markets we serve, supporting more than 18,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.