Upper Midwest Bank Managing $780 Million in Assets Joins LPL to Leverage the Firm’s Technology and Research Platforms, Stability as Industry Evolves
CHARLOTTE, N.C – March 16, 2017 – Leading retail investment advisory firm and independent broker/dealer LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), today announced that Bell Bank Wealth Management has joined its Institution Services platform. Bell Bank reported that based on prior business* it served approximately $780 million in advisory and brokerage assets, as of March 1, 2017.
“With the significant growth our practice has experienced over the last five years, we wanted to align ourselves with the broker-dealer we believed to be the strongest player in the marketplace for the long-term benefit of our customers,” said Patrick Chaffee, managing director of Bell Bank Wealth Management. “We want our professionals to have the best platform, products and support so they can focus on what’s most important: our clients. LPL stood out to us for its overall offering, and specifically for the firm’s commitment to research and technology, as they continually improve the systems that our professionals use. The investments that LPL has made in their platforms enhanced the firm’s value to us as well.”
Craig Kamis, LPL executive vice president, Institutional Business Development, said, “We are excited to welcome Bell Bank to LPL. As the industry evolves and regulatory changes take shape, the bank shared a common concern among institutions, which is, do we have the right partner to support our program now and into the future? LPL’s stability within a consolidating marketplace provides Bell Bank the ability to focus on serving their clients’ needs and growing their program. To date, they have built a very impressive program and going forward they have a growth strategy in place around acquisitions, recruiting and overall organic growth. We are excited to be able to provide our range and depth of resources and tools that will help them as they work toward their goals.”
Bell Bank is the largest independently owned bank in the upper Midwest and one of the largest in the nation. Bell Bank Wealth Management’s total overall divisional assets under management, administration or custody, total nearly $6 billion, of which approximately $780 million are advisory and brokerage assets that will be managed through LPL by the Bell Bank team. Bell Bank Wealth Management is headquartered in Fargo, N.D., with other primary offices located in Minneapolis as well as several outlying locations across the North Dakota and Minnesota.
*Asset numbers were reported by Bell Bank based on prior business and have not been independently and fully verified by LPL Financial.
About LPL Financial
LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), is a leader in the retail financial advice market and provided service to approximately $517 billion in advisory and brokerage assets as of January 31, 2017. LPL is one of the fastest growing RIA custodians and is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine June 1996-2016). The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 financial institutions, enabling them to help their clients turn life's aspirations into financial realities. Advisors associated with LPL also serviced an estimated 46,000 retirement plans with an estimated $127 billion in retirement plan assets, as of December 31, 2016. LPL also supports approximately 4,000 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have more than 3,200 employees with primary offices in Boston, Charlotte, and San Diego.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC.
Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Bell Bank deposits and are not FDIC insured. These products are not obligations of Bell Bank and are not endorsed, recommended or guaranteed by Bell Bank or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.
LPL Financial and Bell Bank are seperate entities.