People’s United Joins LPL Financial’s Institution Services Platform

LPL Financial LLC today announced that the retail brokerage and advisory business of People’s United Bank (“People’s United”) has joined LPL’s Institution Services platform.

M&T Bank, which leverages LPL’s Institution Services platform to support its retail advisory and brokerage business, completed its previously announced merger with People's United Financial, Inc., on April 1, 2022. On August 22, ~$2.6 billion of client assets were onboarded to LPL, including ~$2.4 billion of brokerage assets and ~$0.2 billion of advisory assets. The remaining ~$1.8 billion of assets are expected to onboard over the next several months.

“Since moving to LPL’s platform last summer, our M&T family has seen the benefits of an integrated technology stack, an upgraded planning experience for clients, and an improved operating environment for our advisors,” said Matt McAfee, M&T Senior Executive VP & Head of Affluent Markets. “We’re excited to introduce these same capabilities to the former People’s Securities Inc. advisors and clients who have now joined M&T.”

“LPL and M&T have a long history of providing clients personalized guidance to help achieve their financial goals” said Ken Hullings, LPL Financial senior vice president, Enterprise Business Development. “LPL is proud to partner with M&T Bank and to support their continued growth in the brokerage and advisory space. We are committed to investing in technology, digital capabilities and comprehensive advice solutions that will help the financial institutions we serve differentiate their offering, and grow their profitability.”

About LPL Financial

LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve,* supporting nearly 21,000 financial advisors, and approximately 1,100 institution-based investment programs and 500 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

* Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2021); No. 1 provider of third-party brokerage services to banks and credit unions (2020-2021 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 Company as of June 2021.

LPL and its affiliated companies provide financial services only from the United States.