M&T Bank Corp. has chosen LPL Financial to support its retail brokerage and advisory business, the companies announced today.
The Buffalo, N.Y.-based bank offers brokerage, advisory and insurance services through its M&T Securities Inc. subsidiary. The retail side of that business, which has more than 170 advisors and about $20 billion in brokerage and advisory assets, will transition to LPL's platform in mid-2021 and will operate under a new name, according to a press release. After that transition is completed, M&T will the largest financial institution using LPL’s platform.
M&T Securities Inc. will continue to exist as an institutional broker-dealer under M&T Bank
Matt McAfee, senior vice president and head of M&T Affluent Wealth Markets, said that after considerable consultation and assessment with clients, the company decided that a long-term strategic partnership with a firm that has complementary capabilities to enhance their offerings was the best approach for clients. “LPL is able to offer superior technology at the scale and pace that will help us differentiate our services and deepen our relationships with clients,” he said a prepared statement.
The press release noted that LPL has committed $160 million to technology investments, and that the firm has grown its investment year-over-year.
M&T Bank, the principal banking subsidiary of M&T Bank Corp., has banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia.
LPL Financial is headquartered in Fort Mill, S.C., San Diego and Boston, and is the nation’s largest independent broker-dealer.