LPL Financial announced plans Wednesday to add People’s United Bank to its brokerage and advisory platform later this year. People’s United was acquired earlier this month by M&T Bank Corporation, which itself joined the LPL platform in June 2021.
People’s United has 30 advisors managing approximately $6 billion in client assets as of March 31.
“Given our experience with LPL’s technology, risk management and digital capabilities, we made the decision to capitalize on LPL’s integrated platform and committed investments to support People’s United’s retail advice business as well,” said Matt McAfee, M&T senior executive vice president and head of affluent markets, in a statement.
While LPL Financial has served banks and credit unions for years, it's recently made a more concerted effort to support these firms, and is optimistic about growth in the channel, according to LPL executives. The firm currently serves about 800 financial institutions.
Last June, the firm brought on Shawn Mihal, former president of Waddell & Reed Inc., the broker/dealer subsidiary of Waddell & Reed Financial, to lead institution services. And in early 2021, the firm launched the Institution Business Strategy department, focused on the evolution of financial institutions as they recover from temporary branch closures caused by slowly retreating pandemic restrictions.