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.
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