M&T Bank Joins LPL Financial’s Institution Services Platform

SAN DIEGO – June 24, 2021 – LPL Financial LLC today announced that the retail brokerage and advisory business of M&T Bank (NYSE: MTB) has joined LPL’s Institution Services platform. The business comprises ~210 financial advisors, who collectively serve ~$22 billion of brokerage and advisory assets.

“This agreement represents a significant milestone for M&T Bank in its mission to bridge the key gaps in consumers’ financial planning and help fulfill their important life goals,” said Matt McAfee, Senior VP & Head of Affluent Markets at M&T Bank. “We are excited to be working with LPL and to leverage its economies of scale and innovative technology, which is an essential component of our customized brokerage, advisory and insurance solutions.” 

“We are proud to serve M&T Bank with the comprehensive support of LPL’s Institution Services platform,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “LPL has a long history of serving leading institutions and will continue to make meaningful investments in technology, risk management and the digital capabilities that contribute to a differentiated customer experience. We look forward to a long-term partnership that contributes to the bank’s overall goals by empowering deeper relationships with customers.”

M&T Bank and LPL Financial signed an agreement in July 2020 to transition support of the bank’s retail advisory and brokerage business to LPL. On June 12, approximately ~$14 billion of brokerage and advisory assets were onboarded to LPL, including ~$11 billion of brokerage assets and ~$3 billion of advisory assets. The remaining ~$8 billion of assets are expected to onboard over the next several months.

About LPL Financial:

LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader* in the markets we serve, supporting more than 18,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

* Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report; Fortune 500 as of June 2021)

Securities and advisory services offered through LPL Financial LLC, an SEC-registered broker-dealer and investment advisor. Member FINRA/SIPC. 

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Forward-Looking Statements

Statements in this press release regarding the future operating results, growth and plans of LPL Financial Holdings Inc. (together with its subsidiaries, including LPL Financial LLC, “LPL”) and M&T Bank, including those related to expected future benefits of the relationship between LPL and M&T Bank, levels of assets serviced, advisor and client experience, platform investments, and the amount and timing of the onboarding of brokerage and advisory assets, as well as any other statements that are not related to present facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the historical performance of LPL and M&T Bank’s retail brokerage and advisory business and LPL’s plans, estimates and expectations as of June 24, 2021. Forward-looking statements are not guarantees that the amount or timing of asset onboarding, or the results, plans, intentions or expectations, expressed or implied by LPL or M&T Bank will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause levels of assets onboarded, actual financial or operating results, levels of activity or the timing of events to be materially different from those expressed or implied by forward-looking statements. In particular, LPL can provide no assurance that the assets reported as serviced by M&T Bank’s retail financial advisors will translate into assets serviced at LPL. Important factors that could cause or contribute to such differences include: difficulties and delays in onboarding the assets of M&T Bank’s retail advisors; disruptions in the businesses of LPL or M&T Bank that could make it more difficult to maintain relationships with their respective advisors and their clients; the choice by clients of M&T Bank’s retail advisors not to open brokerage and/or advisory accounts at LPL; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; effects of competition in the financial services industry, including competitors’ success in recruiting M&T Bank’s retail advisors and their clients; and the other factors set forth in Part I, “Item 1A. Risk Factors” in LPL’s 2020 Annual Report on Form 10-K and any subsequent SEC filing. Except as required by law, LPL specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, even if its estimates change, and you should not rely on those statements as representing LPL’s views as of any date subsequent to June 24, 2021.