LPL Financial and Wintrust Financial Corp., a financial services holding company with a stable of Midwest chartered banks and $56 billion in assets, have reached an agreement to acquire all of Wintrust's $13 billion wealth management business, Wintrust Investments, and approximately 17% of the private client business at RIA subsidiary Great Lakes Advisors, representing $3 billion in assets, on LPL's Institutional Services platform.
Both businesses were previously affiliated with Wells Fargo.
“We believe that LPL is the right partner to help us take our business to the next level. LPL's integrated advisor platform and continued investment in technology will enable our advisors and portfolio managers to do even more for our clients,” Wintrust Wealth Management chairman and CEO Tom Zidar said in a statement.
“LPL will enable Wintrust advisors to further differentiate their offerings, as they will have access to an advanced platform that supports the changing needs of their clients and their businesses,” added LPL SVP and Head of Development of Business Christopher Cassidy Institution.
The Institutional Services Platform within LPL is the team responsible for the firm's banks, credit unions and enterprise clients.
The transition is expected to be completed in the first quarter of 2025, subject to conditions.
At the end of 2023, LPL reported overseeing a total of $1.35 trillion in brokerage and advisory assets. More than half, $736 billion, represents advisory assets overseen by independent RIAs ($239 billion) and corporate RIAs ($497 billion).