People’s United Joins LPL’s Institution Services Platform

Last Edited by: LPL Financial

Last Updated: August 26, 2022

People's United Bank image

SAN DIEGO – August 26, 2022LPL Financial LLC today announced that the retail brokerage and advisory business of People’s United Bank (“People’s United”) has joined LPL’s Institution Services platform.

M&T Bank, which leverages LPL’s Institution Services platform to support its retail advisory and brokerage business, completed its previously announced merger with People's United Financial, Inc., on April 1, 2022. On August 22, ~$2.6 billion of client assets were onboarded to LPL, including ~$2.4 billion of brokerage assets and ~$0.2 billion of advisory assets. The remaining ~$1.8 billion of assets are expected to onboard over the next several months.

“Since moving to LPL’s platform last summer, our M&T family has seen the benefits of an integrated technology stack, an upgraded planning experience for clients, and an improved operating environment for our advisors,” said Matt McAfee, M&T Senior Executive VP & Head of Affluent Markets. “We’re excited to introduce these same capabilities to the former People’s Securities Inc. advisors and clients who have now joined M&T.”

“LPL and M&T have a long history of providing clients personalized guidance to help achieve their financial goals” said Ken Hullings, LPL Financial senior vice president, Enterprise Business Development. “LPL is proud to partner with M&T Bank and to support their continued growth in the brokerage and advisory space. We are committed to investing in technology, digital capabilities and comprehensive advice solutions that will help the financial institutions we serve differentiate their offering, and grow their profitability.”

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 nearly 21,000 financial advisors, and approximately 1,100 institution-based investment programs and 500 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized 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, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2021); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 Company as of June 2021.

LPL and its affiliated companies provide financial services only from the United States.

(1) Includes approximately $500 million of assets on third party asset management platforms and retirement plan assets estimated as of June 30th, 2022, which LPL does not include in its reporting of total advisory and brokerage assets.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). M&T Bank is not registered as a broker-dealer or investment advisor. Products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of M&T Bank. Securities and insurance offered through LPL or its affiliates are: Not Insured by FDIC or Any Other Government Agency | Not Bank Guaranteed | Not Bank Deposits or Obligations | May Lose Value.

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 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, advisor and client experience, platform investments, and the amount and timing of the onboarding of brokerage and advisory assets from the retail advisory and brokerage business of People’s United, 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 August 25, 2022. Forward-looking statements are not guarantees that the amount or timing of asset onboarding, or the investments, 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 investments, 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 People’s United’s retail 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 People’s United’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 People’s United’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 People’s United’s retail advisors and their clients; and the other factors set forth in Part I, “Item 1A. Risk Factors” in LPL’s 2021 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 August 25, 2022.