The 25-adviser brokerage unit at what had been BancorpSouth Bank, which oversees about $2.5 billion in assets, is switching its affiliation to LPL Financial from Infinex, a broker-dealer owned by a consortium of banks.
In October 2021, BancorpSouth merged with Cadence Bank and its banking operation took the Cadence name. The brokerage operation of the pre-merger Cadence Bank had been affiliated with LPL.
The onboarding of the legacy BancorpSouth investment business is scheduled to take place before the end of the year, LPL said in a release.
In August, LPL announced that the retail brokerage and advisory business of People’s United Bank, which was acquired by M&T Bank earlier in the year, had joined LPL's bank platform with $2.6 billion in assets.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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