M&T Bank will use LPL for retail securities business
The New York bank’s $20 billion in AUM will make it the largest on LPL's platform
M&T Bank Corp. will move the $20 billion retail portion of its M&T Securities subsidiary to LPL’s broker-dealer and registered investment advisory platforms.
The Buffalo, New York-based bank said that the transition will occur in the middle of 2021 and that its institutional securities business will be unaffected by the change.
After the transition, the retail business, which has about 170 advisers, will operate under a new, yet-to-be-announced brand name.
M&T’s $20 billion in assets will make it the largest on LPL’s platform. The bank said the need for more robust technology and infrastructure, as well as advanced financial planning tools and investment solutions, prompted its decision to move to an outside provider.
[More: LPL Financial updates service center with new tech tools]
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