Prudential Financial has signed a relationship agreement with investment and business solutions provider LPL Financial to improve the customer and financial professional experience for its retail wealth management business Prudential Advisors.
According to the terms of the agreement, Prudential Financial will transfer retail brokerage and investment advisory assets from Prudential Advisors’ current third-party custodian to LPL Financial.
The financial services company will also utilise LPL Financial’s broker-dealer and registered investment advisory services.
LPL Financial aims to extend its technology platform and servicing model to offer a customised experience for over 2,600 Prudential Advisors financial professionals.
Prudential Financial retail advice and solutions president Brad Hearn said: “LPL’s best-in-class platform will significantly improve capabilities to help our advisors serve clients and grow their practice even faster.
“With this agreement, we are further investing in our Prudential Advisors business, while streamlining and reducing back-office resource demands.”
Following the completion of the transition, Prudential Advisors will continue to work with clients across all 50 US states to provide financial planning, investment, insurance, and retirement solutions, bolstered with improved capabilities of LPL Financial’s platform.
Besides, it intends to leverage LPL Financial for clients’ brokerage and investment advisory requirements.
LPL Financial enterprise business development executive vice president Ken ; said: “The partnership-oriented spirit of this agreement between LPL and Prudential is a significant milestone in our mission to offer sophisticated wealth management capabilities to more enterprise firms and their advisors.
“Prudential has a revered reputation of being a pillar of the financial services industry. They have also been a valued partner of LPL’s since 1989 in the life and annuity space.”
Subject to the receipt of regulatory approval and other conditions, the transition is anticipated to be over in the latter part of 2024.
