M&T Bank has rebranded its retail securities business as Wilmington Advisors @ M&T and is using LPL Financial as its broker-dealer. More than 180 financial advisers and about 750 additional personnel have had their securities licenses transferred.
“LPL’s sophisticated technology platform enables us to now offer an adviser-assisted digital service, an all-digital service and a wide range of other services for the emerging affluent consumer segment,” said Matt McAfee, senior vice president and head of affluent markets at the Buffalo, New York-based bank.
McAfee said the bank recently surveyed 500 consumers with more than $125,000 in household income and more than $100,000 in investible assets. These mass affluent consumers expect to ramp up spending on lifestyle upgrades previously on hold due to the pandemic, while increasing investments in retirement and college planning, he said.
M&T, which recently announced plans to acquire People’s United Bank, will have about 1,200 branches when the acquisition is completed.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
