- The retail brokerage and advisory business of M&T Bank (NYSE:MTB) joins LPL Financial's (NASDAQ:LPLA) institution service platform. The business is made up of ~210 financial advisors serving $22B in total brokerage and advisory assets.
- M&T and LPL signed an agreement in July 2020 to transition support of retail advisory and brokerage business to LPL.
- On June 12, ~$14B of brokerage and advisory assets were onboarded to LPL, which includes ~$11B in brokerage assets and ~$3B in advisory assets; over the next several months the rest of the $8B in assets will be onboarded.
- Previously (July 29), M&T Bank taps LPL Financial to support retail brokerage, advisory