11.05.24

LPL Chief Expects Ramp Up of Institutions Biz Despite Hurdles

by: Sam Del Rowe

LPL Financial has been aggressively adding large institutions such as banks and credit unions to its platform, despite facing "constraints" in such deals, according to Chief Executive Officer Rich Steinmeier. LPL's institution assets have grown to $370 billion, from about $170 billion in 2019, according to the firm's earnings presentation for the third quarter. Steinmeier said during LPL's quarterly earnings call that the firm has seen "some nice success" in building out the institutions business.

Read the full article on Financial Advisor IQ