As expected, the retail brokerage and advisory business of People’s United Bank, which was acquired by M&T Bank earlier this year, has joined LPL Financial’s bank platform. M&T’s bank brokerage unit began using LPL’s platform in June 2021.
The folding in of the People’s United business, which was handled by that bank’s broker-dealer subsidiary, included roughly $2.4 billion of brokerage assets and $200 million in advisory assets. The bank's remaining $1.8 billion of assets are expected to onboard over the next several months, LPL said in a release.
The combined People’s United and M&T brokerage and advisory business comprises about 40 advisers overseeing about $5 billion in assets.
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“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
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