LPL Financial says M&T Bank plans to onboard the retail advisory and brokerage business of People’s United Bank to LPL’s platform in the second half of the year.
M&T Bank completed its acquisition of People’s United Bank on April 1, according to LPL.
People’s United had around 30 advisors serving around $6 billion in brokerage and advisory assets as of March 31, LPL says.
M&T onboarded its retail brokerage and advisory business to LPL’s platform in June last year, according to Matt McAfee, M&T Bank’s head of affluent markets.
LPL announced in June last year that it completed the addition of M&T Bank’s brokerage and advisory business to its institution services platform. LPL first announced the plan in 2020.
“Given our experience with LPL’s technology, risk management and digital capabilities, we made the decision to capitalize on LPL’s integrated platform and committed investments to support People’s United’s retail advice business as well,” McAffee said in a statement.
M&T Bank says it operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia.
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