LPL Financial and Wintrust Financial Corporation, a financial services holding company with $56 billion in assets and a stable of chartered banks in the Midwest, are the owners of Wintrust Investments, an asset management business with $13 billion in assets under management. A contract was signed to migrate the entire system. 17% of subsidiary RIA Great Lakes Advisors' retail client business ($3 billion in total assets) will be provided to LPL's institutional services platform.
Both businesses were previously affiliated with Wells Fargo.
“We believe LPL is the perfect partner to take our business to the next level. With LPL’s integrated advisor platform and continued investment in technology, our advisors and portfolio managers We will be able to do even more for our clients,” Tom Zidar, chairman and CEO of Wintrust Wealth Management, said in a statement.
“LPL enables Wintrust Advisors to further differentiate their services by giving them access to a cutting-edge platform that supports the changing needs of their clients and their businesses,” said LPL's SVP and Head of Institutional Business Development. Christopher Cassidy added:
The Institutional Services Platform within LPL is the team responsible for the company's banks, credit unions, and corporate customers.
The transition is expected to be completed in the first quarter of 2025, subject to conditions.
As of the end of 2023, LPL reported overseeing $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).
