BUFFALO, N.Y., July 29, 2020 /PRNewswire/ -- M&T Bank
Corporation (NYSE: MTB) announced today that it has chosen LPL
Financial (Nasdaq: LPLA), a leading retail investment advisory
firm, independent broker-dealer, and registered investment advisor
(RIA) custodian, to support the bank's retail brokerage and
advisory business. M&T provides consumer and commercial
services to clients in the Northeast and Mid-Atlantic, and
currently provides a wide range of brokerage, advisory, and
insurance solutions through its subsidiary, M&T Securities,
Inc. The business is expected to transition to the LPL platform in
the middle of 2021 and will operate under a new brand name.
"We are committed to providing the best service and financial
guidance to our clients, as well as supporting growth opportunities
for our advisors," said Matt McAfee,
senior vice president, head of Affluent Wealth Markets. "Today,
this requires ongoing investments in technology and infrastructure,
alongside financial planning and investment solutions to help
clients meet their long-term financial goals. After considerable
consultation and assessment with clients, we decided that a
long-term strategic partnership with a firm that has complementary
capabilities to enhance our offerings was the best approach for our
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."
This year, LPL has committed $160mn to
investments in technology, and the firm has grown its investment
year over year. Clients will benefit from access to innovative
investment solutions and an enhanced digital service experience.
LPL's comprehensive support to institutional clients also includes
a high-touch service experience and consultative support. Advisors
and staff will have access to LPL's award-winning technology
platform, offering integrated workflows and customizable
capabilities to help increase efficiency, provide a better user
experience, and, ultimately, afford advisors more time to focus on
client relationships.
"We are excited to welcome M&T to LPL's network of
institutional clients," said Rich
Steinmeier, LPL Financial managing director and divisional
president, Business Development. "Our core business is serving
institutions and financial advisors with a leading platform that
enables them to be successful in their communities. That focus,
combined with our scale, differentiates our support by being able
to invest and innovate in ways that bring meaningful value to our
clients."
LPL will provide an enhanced advisor and client experience
through their front-end systems, inclusive of upgraded financial
planning tools, eDelivery and eSign capabilities for most account
documents, and easy-to-access statements and performance
reports.
With the plan to align with LPL to support its retail brokerage
and advisory business, M&T Securities, Inc. will continue to
exist as an institutional broker-dealer under M&T Bank.
About M&T Bank
M&T Bank Corporation is a financial holding company
headquartered in Buffalo, New
York. M&T's principal banking subsidiary, M&T Bank,
operates banking offices in New
York, Maryland,
New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West
Virginia, and the District of
Columbia. Trust-related services are provided by M&T's
Wilmington Trust-affiliated companies and by M&T Bank.
© 2020 M&T Bank. Member
FDIC.
About LPL Financial
LPL Financial is a leader in the retail financial advice market
and the nation's largest independent broker-dealer**. We serve
independent financial advisors, professionals, and financial
institutions, providing them with the technology, research,
clearing and compliance services, and practice management programs
they need to create and grow thriving practices. LPL enables them
to provide objective guidance to millions of American families
seeking wealth management, retirement planning, financial planning,
and asset management solutions.
Securities and Advisory services offered through LPL Financial,
a registered investment advisor. Member FINRA / SIPC.
**Based on total revenues, Financial Planning magazine
June 1996-2020
Media Contacts:
Maya Dillon, Head of Corporate
Communications, Wilmington Trust
646.735.1958
mdillon@wilmingtontrust.com
Lauren Hoyt-Williams
LPL Financial
Vice President, Public Relations
813.351.9203
Lauren.Hoyt-Williams@lpl.com
This content is for informational purposes only and is not
intended as an offer or solicitation for the sale of any financial
product or service or a recommendation or determination that any
investment strategy is suitable for a specific investor. Investors
should seek financial advice regarding the suitability of any
investment strategy based on the investor's objectives, financial
situation, and particular needs.
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SOURCE M&T Bank Corporation