- Wednesday, October 16, 2024
In a significant move, LPL Financial has been chosen as the brokerage and wealth management platform for Prudential Financial's esteemed team of 2,600 financial advisors. This partnership is expected to greatly benefit LPL, as Prudential's advisors currently oversee a remarkable $50 billion in assets.
LPL Financial, the leading independent broker-dealer in the nation, boasts a strong collaboration with nearly 22,000 dedicated financial advisors. Their total assets at the close of the second quarter reached an impressive $1.24 trillion. Apart from their work with independent financial advice practices, LPL also serves as the trusted wealth management platform for numerous advisors at banks, credit unions, and various other financial institutions. Notably, LPL has successfully secured partnerships with renowned establishments such as M&T Bank, Citizens & Northern Corporation, and CUNA Brokerage Services in recent years.
Prudential Partners with LPL to Enhance Advisor Services
Prudential (PRU) has recently entered into an agreement with LPL, a renowned name in the financial services industry. As part of the arrangement, Prudential will transition its retail brokerage and investment advisory assets from Fidelity, its current third-party custodian, to LPL. While the advisors will still be affiliated with Prudential, they will now register with LPL's broker-dealer and registered investment advisory services.
The completion of this transition is expected to take place in the latter part of 2024, pending regulatory approval and other necessary conditions.
One of the key reasons behind Prudential's selection of LPL is the latter's impressive technological capabilities. Brad Hearn, President of Retail Advice and Solutions at Prudential, emphasizes that LPL's platform offers tremendous opportunities for advisors to expand their practices and deliver enhanced services to their clients. He sees this partnership as a way to amalgamate the best aspects of both LPL and Prudential.
LPL's ever-growing advisor network, bolstered by successful recruiting efforts and strategic mergers and acquisitions, further demonstrates its commitment to providing exceptional financial solutions. In a recent development, LPL announced its acquisition of Crown Capital Securities, adding 260 advisors with approximately $6.5 billion in advisory and brokerage assets to its portfolio.
Prudential's collaboration with LPL marks an exciting milestone in the industry. The partnership holds great promise for advisors looking to thrive in an increasingly competitive market, leveraging the combined strengths of these two industry powerhouses.
LPL Financial Leveraging Partnerships for Business Growth
By Andrew Welsch
LPL Financial, a renowned company based in San Diego, is capitalizing on its size and scale to enhance its capabilities and pursue new business opportunities through strategic partnerships. One of their notable collaborations is with Prudential.
According to Ken Hullings, Executive Vice President of Enterprise Business Development at LPL, their primary goal is to cater to the complete addressable market of advisors and enterprises. With their strong focus on serving clients effectively, LPL Financial aims to expand their horizons and provide exceptional services to a broader range of individuals and organizations.
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