Commerce Bancshares, a St. Louis-based bank holding company, is moving its 30-adviser, $4.4 billion wealth management business to LPL Financial’s institutional services broker-dealer and advisory platform.
The business unit, Commerce Financial Advisors, currently operates as a division of Commerce Brokerage Services, which is a subsidiary of Commerce Bank.
"LPL is the right partner to help us meet and exceed our client’s investment goals,” John Handy, CEO of Commerce Trust, said in a statement. “LPL’s integrated wealth management platform and focus on user experience will provide tremendous value to our advisors and allow them to deliver an advanced service experience to our clients.”
LPL has focused in recent years on winning business from banks and credit unions. Last year it added the retail securities business of M&T Bank, with $20 billion in AUM, and CUNA Brokerage Services, the broker-dealer unit of the insurer, with $36 billion in assets.
Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.
It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
The historic summer sitting saw a roughly two-thirds pass rate, with most CFP hopefuls falling in the under-40 age group.
"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.
Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.
Stan Gregor, Chairman & CEO of Summit Financial Holdings, explores how RIAs can meet growing demand for family office-style services among mass affluent clients through tax-first planning, technology, and collaboration—positioning firms for long-term success
Chris Vizzi, Co-Founder & Partner of South Coast Investment Advisors, LLC, shares how 2025 estate tax changes—$13.99M per person—offer more than tax savings. Learn how to pass on purpose, values, and vision to unite generations and give wealth lasting meaning
