LPL Financial Holdings today announced that Wintrust Financial Corporation will transfer two of the regional bank’s wealth management businesses to LPL's institution services platform.

The deal will add about $16 billion of brokerage and advisory assets and about 85 advisors to the platform, LPL said.

The deal is expected to close in the first quarter of 2025, the announcement said.

The agreement comes about a week after LPL announced it was acquiring Atria Wealth Solutions, adding 2,400 advisors and $100 billion in brokerage and advisory assets. That deal, which could cost LPL close to $1 billion, is expected to close in the second half of the year.

Chicago-based Wintrust will move its broker-dealer and registered investment advisor, Wintrust Investments, which has $13 billion of brokerage and advisory assets, to the LPL platform, a news release said. Also,  $3 billion in private client advisory assets from its RIA Great Lakes Advisors are expected to transfer custody to the LPL platform. Great Lakes Advisors has about $17 billion in advisory assets.

“We believe LPL is the right partner to help us take our business to the next level. LPL’s integrated advisor platform and ongoing investment in technology will enable our advisors and portfolio managers to do even more for our clients,” Tom Zidar, chairman and chief executive officer at Wintrust Wealth Management, said in a statement.

“Wintrust advisors offer deep expertise and exceptional personal attention to their clients, and we are pleased to work with Great Lakes Advisors to make their investment strategies more broadly available to the full LPL advisor ecosystem,” said Christopher Cassidy, senior vice president and head of institution business development at LPL.

Wintrust, a financial holding company, has about $56 billion in assets. The firm operates 15 community bank subsidiaries, with more than 170 banking locations located in the greater Chicago and southern Wisconsin market areas. It also operates various non-bank business units in the U.S. and Canada.