LPL Financial Holdings Inc. (Nasdaq: LPLA) (“LPL”) and Wintrust Financial Corporation (Nasdaq: WTFC) announced an agreement to transition support of the wealth management business of Wintrust Investments, LLC and certain private client business at Great Lakes Advisors, LLC (collectively “Wintrust”), and their approximately 85 advisors and approximately $16 billion of brokerage and advisory assets to the LPL Institution Services platform.
Wintrust Investments, LLC is a broker-dealer and registered investment advisor (“RIA”) with $13 billion of brokerage and advisory assets that are expected to transfer to the LPL platform. Great Lakes Advisors, LLC is an RIA with $17 billion in total advisory assets; $3 billion of its private client advisory assets are expected to transfer custody to the LPL platform.
“At Wintrust, our focus on outstanding client service has served our customers well and has resulted in a formidable wealth management operation,” said Tom Zidar, Chairman and Chief Executive Officer at Wintrust Wealth Management. “We believe LPL is the right partner to help us take our business to the next level. LPL’s integrated advisor platform and ongoing investment in technology will enable our advisors and portfolio managers to do even more for our clients. We are excited about the strategic relationship with LPL and the growth opportunities ahead of us.”
“Wintrust advisors offer deep expertise and exceptional personal attention to their clients, and we are pleased to work with Great Lakes Advisors to make their investment strategies more broadly available to the full LPL advisor ecosystem,” said Christopher Cassidy, SVP, Head of Institution Business Development at LPL Financial. “Through this strategic relationship, LPL will enable Wintrust advisors to further differentiate their offerings, as they will have access to a cutting-edge platform that supports the changing needs of their clients and their businesses. We look forward to partnering with the team at Wintrust, growing our mutual expertise and enhancing their ability to serve a marketplace with an increasing demand for personalized financial advice.”
The transition is expected to be completed in the first quarter of 2025, subject to receipt of regulatory approval and other conditions.
Source: Company Press Release