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.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
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