Matt McAfee: Partnering With Institution Services

A partnership that differentiates M&T in the marketplace

“A place where I think we will be able to differentiate ourselves in the marketplace more so than in the past is in our ability to recruit and retain advisors,” says Matt McAfee, senior executive vice president and head of Affluent Wealth at Wilmington Advisors @ M&T.

M&T Bank joined LPL’s Institution Services platform in 2021, choosing to partner with LPL to support their retail brokerage and advisory business.

“We had an interest in evolving our practice to a business model where there's upgraded tools and a fully integrated model so advisors can do what they do best, which is give advice to clients, to listen, and to be thoughtful in making suggestions. LPL has proven to be a really powerful partnership and enabling us to do what we like to do,” says McAfee.

Choosing to partner with LPL Financial came down to three things for M&T:

1. A cultural fit and shared values, including the quality of the LPL team and their ability to serve almost as an extension of M&T.
2. Technology. After benchmarking LPL against peers in the industry, they felt that it stood above the rest, and appreciated LPL’s commitment to continue investing in the technology.
3. Economics. When looking at the potential to accelerate revenue growth and trim back expenses in areas that they could outsource to LPL, M&T found it to be a compelling value.

In this video, McAfee shares more about the partnership and how LPL’s commitment to technology helps them outcompete competitors in the marketplace.

Leveraging efficiencies provides growth opportunities

In business since 1856, M&T is very well known in its communities. By leveraging LPL’s best elements while still providing the compelling, differentiated experience that they’re known for, the firm believes they offer a better value proposition for investors and advisors. McAfee shares, “I find LPL’s culture to be welcoming, warm, and receptive to feedback. I think that's part of what will make our partnership thrive.”

With technology and compliance functions with LPL, M&T is excited to focus on growth. “We've stabilized our platform and have clarity on how we're going to grow for the next 10 years. We'll take our first step this year and then we'll reevaluate in the coming years,” says McAfee.

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