LPL Financial Welcomes Northwest Bank to Its Institution Services Platform
December 19 2017 - 8:30AM
Leading retail investment advisory firm and independent
broker/dealer LPL Financial LLC, a wholly owned subsidiary of LPL
Financial Holdings Inc. (NASDAQ:LPLA), today announced Northwest
Bank has joined LPL’s broker/dealer and corporate registered
investment advisory (RIA) platforms. The bank reported, based on
prior business*, that advisors served approximately $1.3 billion of
client brokerage and advisory assets, as of Oct. 4, 2017.
Last year, the Warren, Pa.-based bank acquired 18
New York-based branches of First Niagara Bank, which had been an
institutional client of LPL. In order to fully integrate the
program and operate more efficiently, Northwest Bank’s investment
program manager John Beard said the organization chose to align its
investment program entirely with LPL’s platform. Northwest Bank
operates 164 full-service offices in New York, Ohio and
Pennsylvania and its investment program is comprised of 24
advisors.
“We were looking for a strategic partner who could
support the size of our growing investment program,” said Beard.
“The acquisition allowed us to experience LPL’s enhanced offering
first hand. It was clear LPL had the scale and resources we were
searching for. We were also impressed by LPL’s strong leadership
team that shares a clear vision similar to our own. Now that our
program is fully integrated onto LPL’s platform, we believe we are
better positioned to continue our growth and support our advisors
in their work to help clients pursue their financial goals.”
“It’s exciting to be recognized by the Northwest
program’s leadership team for our firm’s ability to support the
bank’s growth strategy,” said Craig Kamis, LPL executive vice
president, Institutional Business Development. “By creating their
own scale in their operations, we believe they will be able to
increase efficiency and enhance the service experience they provide
to their clients. We are proud to expand this relationship and we
look forward to supporting the entire Northwest team for years to
come.”
*Asset numbers were reported by Northwest Bank
based on prior business and have not been independently and fully
verified by LPL Financial.
About LPL Financial LPL Financial
LLC, a wholly owned subsidiary of LPL Financial Holdings Inc.
(NASDAQ:LPLA), is a leader in the retail financial advice market
and provided service to approximately $566 billion in brokerage and
advisory assets as of Oct. 31, 2017. LPL is one of the fastest
growing RIA custodians and the nation’s largest independent
broker-dealer (based on total revenues, Financial Planning
magazine, June 1996-2017), and the firm and its financial advisors
were ranked No. 1 in net customer loyalty in a 2016 Cogent Reports™
study. The Company provides proprietary technology, comprehensive
clearing and compliance services, practice management programs and
training, and independent research to more than 14,000 financial
advisors and over 700 financial institutions, enabling them to
provide a range of financial services including wealth management,
retirement planning, financial planning and other investment
services to help their clients turn life’s aspirations into
financial realities. As of Sept. 30, 2017, financial advisors
associated with LPL served more than 4 million client accounts
across the U.S. as well as an estimated 41,000 retirement plans
with an estimated $137 billion in retirement plan assets.
Additionally, LPL supports approximately 3,700 financial advisors
licensed and affiliated with insurance companies with customized
clearing, advisory platforms, and technology solutions. LPL
Financial and its affiliates have more than 3,500 employees with
primary offices in Boston, Charlotte, and San Diego. For more
information, visit www.lpl.com.
Securities and Advisory Services offered through
LPL Financial. A registered investment advisor, Member
FINRA/SIPC.
LPL Financial and Northwest Bank are separate
entities.
About Northwest BankHeadquartered
in Warren, Pennsylvania, Northwest Bancshares, Inc. is the holding
company of Northwest Bank. Founded in 1896, Northwest Bank is a
full-service financial institution offering a complete line of
business and personal banking products, employee benefits and
wealth management services, as well as the fulfillment of business
and personal insurance needs. Northwest operates 164 full-service
community banking offices and nine free standing drive-through
facilities in Pennsylvania, New York and Ohio. Northwest
Bancshares, Inc.'s common stock is listed on the NASDAQ Global
Select Market ("NWBI"). More information about Northwest
Bancshares, Inc. and Northwest Bank can be found online at
www.northwest.com.
The investment products sold through LPL Financial
are not insured Northwest Bank deposits and are not FDIC insured.
These products are not obligations of the Northwest Bank and are
not endorsed, recommended or guaranteed by Northwest Bank or any
government agency. The value of the investment may fluctuate, the
return on the investment is not guaranteed, and loss of principal
is possible Northwest Bank is not a broker/dealer, and is a
separate entity from LPL Financial.
Media Contact:Lauren
Hoyt-Williams980-321-1232Lauren.Hoyt-Williams@lpl.com
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