LPL signs Alliant Credit Union, with its $8.2 billion in assets

Nov 25, 2012 @ 12:01 am

By Liz Skinner

LPL Financial LLC is providing members of the nation's sixth-largest credit union with brokerage, trust and wealth management services after signing up 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 that it chose LPL Financial Institution Services 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.

The unit generates about 20% of LPL Financial's revenue, which totaled $3.34 billion last year, and has about 500 employees, he said.

LPL Financial, which serves more than 685 banks and credit unions, is the nation's largest independent broker-dealer, with 13,000 brokers.

lskinner@investmentnews.com Twitter: @skinnerliz

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

How NextGen talent is impacting financial services

Nextgen talent brings a diverse perspective and unique skills to the industry. Find out why two Utah Valley University students are so excited to make a difference.

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

Interns will take on several roles at advisory firms this summer

College students are helping with client prep, firm visioning and long-term projects, among other duties.

10 funds with largest 3-year outflows

Even well-managed funds that have beaten the S&P 500’s 10.1% average annual gain have watched investors flee.

Wirehouse training programs are back

At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model.

New military pension rules need financial advisers to step up and serve

Matching defined contribution plan expected to see more money, more need for sound advice.

Brian Block's $4 million bonus was tied to a key metric at ARCP

Prosecution rests case in fraud trial against CFO of American Realty Capital Properties.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print