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Saturday, February 24, 2024

LPL Snaps Up $16B in Wintrust Belongings


LPL Monetary has struck a take care of Chicago-based Wintrust Monetary, which suggests it would transfer about 85 advisors and $16 billion in shopper property onto its Establishment Companies platforms. Beforehand, these property had been held at First Clearing, a clearing and custody unit of Wells Fargo.

The information comes 10 days after LPL introduced plans to purchase Atria Wealth Options, which works with 2,400 advisors, 150 banks and credit score unions, and $100 billion of property.

Wintrust Monetary’s operations embrace Wintrust Investments, a broker-dealer and RIA with $13 billion of brokerage and advisory property, and Nice Lakes Advisors, an RIA that may transfer about $3 billion of its non-public shopper enterprise to LPL.

“By way of this strategic relationship, LPL will allow Wintrust advisors to additional differentiate their choices, as they are going to have entry to a cutting-edge platform that helps the altering wants of their shoppers and their companies,” in keeping with Christopher Cassidy, LPL’s head of Establishment Enterprise Improvement.

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