After more than a year in development and hundreds of millions in investments, LPL has added thousands of advisors to its platform through a major integration with Prudential.
The strategic alliance involving Prudential Advisors, the retail arm of Prudential Financial, transitions Prudential’s broker-dealer and RIA operations to LPL Financial's platform, providing expanded resources to over 2,800 financial advisors.
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The partnership, first announced in August last year, marks a significant coup for both firms, focusing on improving the advisor experience, expanding client offerings, and supporting long-term growth.
According to Prudential, the link with LPL’s advanced wealth platform and operational capabilities represents an opportunity to attract new talent to Prudential Advisors, as well as better serving their clients.
“For Prudential Advisors, this relationship significantly enhances our advisor offering by adding LPL’s wealth management platform, financial solutions and industry-leading advisor and client-support capabilities,” Brad Hearn, president of Prudential Advisors, said in a statement Monday. “Together, Prudential and LPL are leveraging our collective strengths and core capabilities to benefit financial advisors and their clients.”
Over the course of a year-long integration process, LPL invested $300 million in integrating and onboarding Prudential Advisors to its platform. That process has led to approximately $25 billion in assets being placed under LPL's platform as of November 18, with another $35 billion expected in the coming months.
The collaboration will also enhance operational efficiency and expand investment options for Prudential Advisors’ clients, alongside LPL’s broader network of 28,000 advisors.
“We have a deep respect for Prudential and share their belief that every American deserves access to personalized financial advice,” said Ken Hullings, executive vice president of institution client success at LPL Financial. “The conversion to the LPL platform marks the launch of a long-term partnership that brings extensive wealth management capabilities to Prudential Advisors.”
LPL and Prudential also plan to collaborate on advisor recruitment, seeking to attract top talent to Prudential Advisors by strategically combining their resources and brand strength.
The completion of the partnership with Prudential comes during a period of significant change at LPL, which officially announced Rich Steinmeier as its new permanent CEO in October following its sudden and still-to-be-explained termination of Dan Arnold earlier in the month.
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