85 financial advisors with $7.8B in client assets will join LPL Financial’s Institutional Services segment later this year as BMO Financial Group Acquires Bank of the West.
Between financial plans from westbound after BMO purchased The company sold for $16.3 billion from commercial BankLPL expects to add $11 billion in client assets in second half of 2023, CEO Dan Arnold In a phone call on April 27, said after the company with analysts Disclosed first quarter results.
Profit soared more than 150% from a year earlier, as the company’s interest income and client cash earnings surged, while it added assets totaling $34 billion through hiring and organic growth.
The threat posed to regional banks by the collapse of two institutions last month “certainly will provide for large brokerages like LPL, registered investment advisors and custodians as we go forward,” Arnold said in response to analysts’ questions about large players. people create incremental demand” channel.
“It really reinforces our value proposition to businesses, especially banks, and this type of disruption could be a catalyst to explore different strategic options or alternatives for different lines of business, such as wealth management,” Arnold said, According to transcript With Seeking Alpha, “Our capital-light model allows us to attack and continue to invest in platforms to enhance and further differentiate our presence where others may not be able to in these disruptive markets.”
When Ameriprise picked up Comerica Bank’s main recruit last month and Advisor Group acquires banking team LPL makes biggest splash in Commerce’s institutional program in 2022 Infinex investment, Bank of Montreal, Caiyuan Group Investment Services, M&T Bank, CUNA Brokerage Services and People’s United Bank.
To see advisor highlights for LPL’s first-quarter earnings, scroll down the slideshow.For further reading, use the link below for coverage of its earnings fourth quarter, the third quater, second quarter and the first season 2022.