LPL Financial Strengthens Wealth Management with First Horizon
LPL Financial Enhances Wealth Management Through Strategic Partnership
LPL Financial Holdings Inc. (Nasdaq: LPLA) has recently forged a significant agreement with First Horizon Bank, designed to amplify their wealth management services. By integrating the broker-dealer and investment advisory services of First Horizon Advisors, Inc. into LPL's robust Institution Services platform, this partnership aims to not only streamline operations but also enhance the financial advice available to clients.
Understanding First Horizon Advisors
First Horizon Advisors is a notable subsidiary of First Horizon Bank, comprised of about 110 dedicated financial advisors. These advisors collectively manage an impressive portfolio of nearly $16 billion in client assets across their expansive presence, which spans 12 states. This collaboration with LPL Financial is poised to empower these professionals to maintain their close relationships with clients as they implement investment strategies tailored to meet individual financial goals.
Quotes from Key Leaders
Martin de Laureal, the president at First Horizon Advisors, expressed confidence in this partnership, stating, "LPL's industry-leading capabilities and operational support will allow us to expand our offering and concentrate our talent, resources, and capital on driving continued growth and outstanding client experiences." This expansion reflects a shared vision for superior client service.
Echoing this sentiment, Christopher Cassidy, the senior vice president and head of Institution Business Development at LPL Financial, remarked, "First Horizon Advisors delivers well-respected and comprehensive financial advice to their clients. LPL will further enhance their competitive advantage by providing seamless experiences and customized support—a true alignment to meet future advice needs effectively."
Looking Ahead: The Transition Plan
The transition to this newly established partnership is slated for the second half of 2025, depending on regulatory approvals and other necessary conditions. It marks a key milestone not only for LPL Financial but for First Horizon's commitment to delivering top-notch financial services.
About LPL Financial
LPL Financial is recognized as one of the fastest-growing wealth management firms in the United States. With a robust support system for over 29,000 financial advisors and around 1,200 financial institutions, LPL manages approximately $1.7 trillion in brokerage and advisory assets on behalf of millions of Americans. The firm prides itself on a variety of advisor affiliation models and investment solutions, tailored to ensure that financial advisors can operate successful practices.
Commitment to Excellence
Both LPL Financial and First Horizon emphasize their commitment to excellence in financial services. First Horizon Corporation, with total assets nearing $82.2 billion, shows a dedication to helping clients through its banking and investment services. Recognized as a top employer and a reputable institution, First Horizon provides a range of services including commercial banking, consumer banking, and wealth management—a comprehensive approach to meet diverse client needs.
Frequently Asked Questions
What is the purpose of the partnership between LPL Financial and First Horizon Bank?
The partnership aims to enhance the wealth management capabilities and solutions available to clients by integrating First Horizon Advisors into LPL's services.
How many financial advisors are affiliated with First Horizon Advisors?
First Horizon Advisors has approximately 110 financial advisors managing around $16 billion in client assets.
When is the transition to LPL Financial expected to be completed?
The transition is expected to be completed in the second half of 2025, pending regulatory approvals and other conditions.
What services does LPL Financial provide?
LPL Financial offers various advisor affiliation models, investment solutions, fintech tools, and practice management services, catering to the needs of financial advisors.
How does First Horizon support its clients?
First Horizon is dedicated to helping clients unlock their financial potential through a range of services including commercial, private banking, and investment management.
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