Prudential Financial Agrees to Move $50 Billion in Client Assets to LPL Financial

Prudential Financial Inc. and LPL Financial Holdings Inc. announced a “strategic relationship agreement” that will transfer all the retail and investment advisory assets of Prudential’s 2,600 advisors from Fidelity National Financial Services to LPL.

The company says the agreement is designed to enhance the customer and financial professional experience for Prudential’s retail wealth management business, Prudential Advisors, and accelerate growth for both firms.

The transition is expected to be completed in the latter part of 2024, subject to receipt of regulatory approval and other conditions.

LPL will expand its technology platform and servicing for the Prudential advisors, who work with around $50 billion in client assets.

“The partnership-oriented spirit of this agreement between LPL and Prudential is a significant milestone in our mission to offer sophisticated wealth management capabilities to more enterprise firms and their advisors,” he explained. “Prudential has a revered reputation of being a pillar of the financial services industry. They have also been a valued partner of LPL’s since 1989 in the life and annuity space. We look forward to our expanded relationship and welcoming Prudential Advisors to our platform.”

Following the transition, Prudential Advisors will continue to work with clients in all 50 states to offer financial planning, investment, insurance and retirement solutions.

“LPL’s best-in-class platform will significantly improve capabilities to help our advisors serve clients and grow their practice even faster,” said Brad Hearn, president of Retail Advice and Solutions at Prudential. “With this agreement, we are further investing in our Prudential Advisors business, while streamlining and reducing back-office resource demands.”

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