LPL adds 50 reps and advisers to banking channel

Fifty registered reps and advisers from Zions Bancorporation, a financial services company that operates in the Southwest, will join LPL Financial's banking channel, the firms announced Thursday. The Zions advisers, who began moving to LPL Financial last week, will be registered brokers and advisers with LPL and also remain employees of Zion, said Andy Kalbaugh, president of institution services for LPL. The group has $4.5 billion in managed assets and a total of $25.2 billion in assets under supervision, Mr. Kalbaugh said. (More: Robert Moore jumps ship at LPL) “This is a significant new relationship for us and a big endorsement of our team and business model,” he said, adding that the Zions relationship will be one of the largest for LPL. “Zions wanted to simplify its business model and upgrade” its variety of wealth management and brokerage offerings to its advisers, Mr. Kalbaugh said. “We see good interest in the banking business in general from banks that are looking to upgrade their wealth management business” as well as reduce costs, he said. (More: LPL to cut bonuses to employees, top management) LPL Financial has brokerage, wealth management and trust services relationships with 740 banks and credit unions that house a total of roughly 2,300 reps and advisers.