LPL Financial and Wintrust Financial Corp., a financial services holding company with a stable of chartered banks in the Midwest and $56 billion in assets, have struck a deal to transition the entirety of Wintrust's $13 billion AUM wealth management business, Wintrust Investments, and about 17% of the private client business at subsidiary RIA Great Lakes Advisors, representing $3 billion in assets, to LPL’s Institution Services platform.
Both businesses were previously affiliated with Wells Fargo.
“We believe LPL is the right partner to help us take our business to the next level. LPL’s integrated advisor platform and ongoing investment in technology will enable our advisors and portfolio managers to do even more for our clients,” Wintrust Wealth Management Chair and CEO Tom Zidar said in a statement.
“LPL will enable Wintrust advisors to further differentiate their offerings, as they will have access to a cutting-edge platform that supports the changing needs of their clients and their businesses,” added LPL SVP and Head of Institution Business Development Christopher Cassidy.
The Institution Services platform within LPL is the team responsible for the firm's bank, credit union and enterprise clients.
The transition is expected to be complete in the first quarter of 2025, subject to conditions.
At the end of 2023, LPL reported overseeing a total of $1.35 trillion in brokerage and advisory assets. More than half, $736 billion, represents advisory assets overseen by independent RIAs ($239 billion) and corporate RIAs ($497 billion).