LPL Financial LLC is now providing members of the nation's sixth-largest credit union with brokerage, trust and wealth management services after signing up Chicago-based Alliant Credit Union, the 35th it has added to its platform this year.
Alliant, whose 270,000 members have $8.2 billion in assets, said it chose LPL's institution services unit because it wants to offer members additional retirement and other financial services. Alliant also wants to expand its advisory business.
“Our new partnership with Alliant reflects a larger industry trend as we have increasingly seen a migration of credit unions toward service providers whose more robust capabilities can translate into more opportunities for growth,” said Andy Kalbaugh, managing director of LPL Financial Institution Services.
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The unit generates about 20% of LPL's revenue, which totaled $3.34 billion last year, and has about 500 employees, he said.
San Diego-based LPL (LPLA), which serves more than 685 banks and credit unions, is the nation's largest independent broker-dealer, with 13,000 brokers.
