Priya Patel
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TLDR:
- LPL Financial and Wintrust Financial Corp. have struck a deal to transition $16 billion in assets to LPL’s Institution Services platform.
- Wintrust will move its $13 billion AUM wealth management business, Wintrust Investments, and part of the private client business at RIA Great Lakes Advisors to LPL from Wells Fargo.
LPL Financial, a major player in the financial services industry, has recently announced a partnership with Wintrust Financial Corp., a financial services holding company with assets totaling $56 billion. This alliance will see a significant transition of assets, with Wintrust moving its $13 billion AUM wealth management business, Wintrust Investments, and a portion of the private client business at subsidiary RIA Great Lakes Advisors to LPL’s Institution Services platform.
According to Wintrust Wealth Management Chair and CEO, Tom Zidar, this move is seen as a strategic step towards enhancing their business operations and offerings. By partnering with LPL, Wintrust aims to leverage LPL’s integrated advisor platform and ongoing technological investments to better serve their clients. Similarly, LPL’s SVP and Head of Institution Business Development, Christopher Cassidy, highlighted the benefits of this partnership, emphasizing the access to a cutting-edge platform that supports evolving client needs and business requirements.
The Institution Services platform within LPL, responsible for serving the firm’s bank, credit union, and enterprise clients, will oversee the transition process, which is anticipated to be finalized in the first quarter of 2025. With LPL reporting total brokerage and advisory assets exceeding $1.35 trillion by the end of 2023, this partnership represents a significant addition to its portfolio.
This collaboration not only signifies growth and expansion for both LPL and Wintrust but also underscores the importance of technology and innovation in the wealth management industry. By embracing cutting-edge platforms and investing in advanced solutions, financial institutions can better cater to the evolving needs of their clients and establish a competitive edge in the market.
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