Wintrust Financial Corporation And LPL Financial Announce Strategic Relationship
Portfolio Pulse from Benzinga Newsdesk
LPL Financial Holdings Inc. (LPLA) and Wintrust Financial Corporation (WTFC) have announced a strategic relationship to transition the support of Wintrust's wealth management business, including approximately 85 advisors and $16 billion of brokerage and advisory assets, to the LPL Institution Services platform. This includes $13 billion from Wintrust Investments, LLC and $3 billion from Great Lakes Advisors, LLC. The transition aims to enhance client service and advisor capabilities through LPL's technology investments and is expected to be completed in Q1 2025, pending regulatory approval.
February 23, 2024 | 1:34 pm
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POSITIVE IMPACT
LPL Financial Holdings Inc. is set to receive approximately $16 billion of brokerage and advisory assets from Wintrust's wealth management business, aiming to enhance its platform and services.
The strategic relationship with Wintrust is likely to positively impact LPLA by increasing its assets under management and potentially enhancing its revenue through service fees. The addition of Wintrust's advisors and assets could also strengthen LPLA's market position.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Wintrust Financial Corporation enters a strategic relationship with LPLA to transition its wealth management business, aiming to leverage LPL's technology and platform for growth.
The partnership with LPLA allows WTFC to potentially enhance its wealth management services through LPL's technology and platform. This strategic move could lead to improved client satisfaction and retention, as well as attract new clients, positively impacting WTFC's financial performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80