80-Branch Bank Joins LPL to Leverage the Firm’s Technology Innovation and DOL Readiness To Help Grow Its Wealth Management Program
CHARLOTTE, N.C – Jan. 17, 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 First Interstate Wealth Management has joined its Institution Services platform. First Interstate reported, based on prior business*, it served approximately $810 million in advisory and brokerage assets, as of Nov. 30, 2016.
Patricia Smith, president of First Interstate Wealth Management, said, “Partnering with LPL allows us to align with the firm we view as the strongest player in the independent broker/dealer space. We wanted our advisors and our clients to have the support of a firm that has the financial strength and stability to transition the business to meet the new Department of Labor requirements while also maintaining choice. LPL stood out to us for being proactive in their DOL preparedness and for providing the tools, resources, platforms and access to products that enable us to remain focused on growth and our clients’ needs during this time. In addition, we feel that the investments LPL has made in its digital wealth management platform will add tremendous value to the work we do by enabling us to work more efficiently and provide a better service experience to our clients.”
Craig Kamis, LPL executive vice president, Institutional Business Development, said, “We are proud to be able to support First Interstate Wealth Management. Its leaders recognize the value the wealth management program delivers to the client experience and the bank’s bottom line. They are already well positioned for success with a program that takes a team approach and puts the client at the center of the services and experience they offer. We are excited they recognized LPL as a leader and we look forward to supporting the First Interstate team as they continue to help their clients work toward their financial goals.”
Established in 1968, First Interstate Bank is a community bank, operating 80 banking offices, including online and mobile banking services, throughout Montana, Wyoming and South Dakota. First Interstate Wealth Management is supported by 40 financial consultants providing investment services, financial planning and retirement plan services with a strong focus on the client experience.
*Asset numbers were reported by First Interstate Wealth Management based on prior business and have not been independently and fully verified by LPL Financial.
About LPL Financial
LPL Financial, 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 $501 billion in advisory and brokerage assets as of November 30, 2016. 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 banks and credit unions, enabling them to help their clients turn life's aspirations into financial realities. Advisors associated with LPL also serviced an estimated 45,000 retirement plans with an estimated $129 billion in retirement plan assets, as of September 30, 2016. LPL also supports approximately 4,200 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 First Interstate Bank deposits and are not FDIC insured. These products are not obligations of the First Interstate Bank and are not endorsed, recommended or guaranteed by First Interstate 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 First Interstate Bank are separate entities.