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.
Quarterly analysis of retirement accounts highlights positive behavior.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
