M&T Bank Corporation (NYSE: MTB) has chosen LPL Financial, the nation’s largest independent broker-dealer, to support its retail brokerage and advisory business. M&T, which has approximately 170 advisors and $20 billion in assets under management, will be the largest financial institution to join the LPL’s platform.
M&T provides consumer and commercial services to clients in the Northeast and Mid-Atlantic, and currently provides a range of brokerage, advisory, and insurance solutions through its subsidiary, M&T Securities Inc. The business is expected to transition to the LPL platform in the middle of 2021 and will operate under a new brand name.
With the plan to align with LPL to support its retail brokerage and advisory business, M&T Securities Inc. will continue to exist as an institutional broker-dealer under M&T Bank.
“We are committed to providing the best service and financial guidance to our clients, as well as supporting growth opportunities for our advisors,” said Matt McAfee, senior vice president and head of affluent wealth markets. “Today, this requires ongoing investments in technology and infrastructure, alongside financial planning and investment solutions to help clients meet their long-term financial goals. After considerable consultation and assessment with clients, we decided that a long-term strategic partnership with a firm that has complementary capabilities to enhance our offerings was the best approach for our clients.”
LPL Financial provides service to approximately $762 billion in brokerage and advisory assets as of June 30, 2020. The company provides proprietary technology, comprehensive clearing services, practice management programs and training, and independent research to 16,973 financial advisors.