Prudential Financial And LPL Financial Sign Strategic Relationship Agreement To Expand Retail Wealth Management Capabilities And Drive Growth
Portfolio Pulse from Happy Mohamed
Prudential Financial (PRU) and LPL Financial Holdings (LPLA) have signed a strategic relationship agreement to enhance Prudential's retail wealth management business and accelerate growth for both firms. Prudential will move retail brokerage and investment advisory assets from its current third-party custodian to LPL Financial. The transition is expected to be completed in late 2024, subject to regulatory approval. LPL will expand its technology platform and servicing model to provide a tailored experience for Prudential Advisors' financial professionals.
August 24, 2023 | 12:39 pm
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LPL Financial Holdings has signed a strategic agreement with Prudential Financial, which will see Prudential move its retail brokerage and investment advisory assets to LPL.
The agreement will see LPL receive Prudential's retail brokerage and investment advisory assets, which could boost its asset base and revenues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The strategic agreement with LPL Financial Holdings is expected to enhance Prudential's retail wealth management business and accelerate growth.
The agreement will allow Prudential to leverage LPL's broker-dealer and registered investment advisory services, which could enhance its capabilities and accelerate growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100