LPL Financial Holdings Inc. (Nasdaq: LPLA) and Wintrust Financial Corporation (Nasdaq: WTFC) have unveiled a strategic relationship that heralds the transition of the wealth management services of Wintrust Investments, LLC, along with certain private client business at Great Lakes Advisors, LLC to the LPL Institution Services platform, in a move poised to redefine the landscape of financial advisory services.
Wintrust, through its segments, brings a wealth of approximately $16 billion in brokerage and advisory assets under its wings, with Wintrust Investments, LLC, a noted broker-dealer and registered investment advisor, contributing $13 billion expected to migrate to the robust LPL platform. Great Lakes Advisors, LLC, stamps its mark with $17 billion in total advisory assets, with a noteworthy $3 billion from its private client advisory sector slated for transition to LPL’s custody.
The fusion of Wintrust’s client-centric service ethos with LPL’s pioneering advisor platform and technological investments heralds a new chapter in wealth management. Tom Zidar, the luminary Chairman and CEO at Wintrust Wealth Management, expressed enthusiasm about leveraging LPL’s innovative platform to enhance client services, underscoring the bright prospects this strategic partnership envisages for growth and service excellence.
LPL Financial reciprocates this enthusiasm, with Christopher Cassidy, SVP, Head of Institution Business Development, lauding the depth of expertise Wintrust advisors bring. This alliance is not just a testament to mutual growth ambitions but also a pledge to enrich the advisory ecosystem with superior strategies and a platform that stays ahead of evolving client and business needs.
Projected to reach fruition in the first quarter of 2025, pending the nod from regulatory bodies and fulfillment of other criteria, this collaboration is not just a business maneuver but a forward-looking strategy aimed at empowering advisors and satisfying the growing market demand for bespoke financial advice.
Considering the forward-looking nature of this venture, certain expectations regarding asset transition, advisor registration, and the anticipated mutual benefits must be viewed with caution, acknowledging the possible variances in actual future outcomes. The backdrop of this strategic narrative is shaped by economic, legislative, regulatory, competitive, and other multifarious factors that underscore the dynamic terrain of financial services.
About Wintrust: Wintrust stands as a beacon of financial integrity with assets approximate to $56 billion, operating with the agility of a large bank while maintaining the heart of community banking. Its network spans over 170 banking locations across Chicago and southern Wisconsin, further diversified through various non-bank sectors like insurance premium financing, mortgage origination, and wealth management services, depicting a broad spectrum of financial solutions.
About LPL Financial: LPL Financial Holdings Inc. champions the advisor-mediated model, serving over 22,000 financial advisors and numerous enterprises and registered investment advisor firms nationwide. LPL is committed to the autonomy of advisors and enterprises, providing a fertile ground for personalized client advisory services rooted in independence and flexibility. Through its comprehensive suite of services, LPL stands as a custodian of financial advisory excellence, nurturing the advisor-client relationship with unwavering commitment and robust support systems.
As both entities march towards realizing this strategic relationship, the focus steadfastly remains on enriching the advisor-client engagement through unparalleled service offerings, thereby crafting a legacy of financial empowerment and client-centric innovation.
