LPL Financial Prudential Partnership Expands Wealth Management

LPL Financial's partnership with Prudential is expanding the scope of wealth management services for advisors and their clients. This strategic alliance brings together two industry leaders to offer a broader range of investment products and solutions.

The partnership allows LPL Financial advisors to leverage Prudential's expertise in insurance and retirement products, providing their clients with more comprehensive financial planning and guidance. This collaboration enables advisors to offer a wider array of investment options and services.

As a result of this partnership, LPL Financial advisors will have access to Prudential's extensive product suite, including life insurance, annuities, and retirement solutions. This expanded offering will enable advisors to better serve their clients' diverse financial needs.

Curious to learn more? Check out: Financial Services Audit

Prudential Financial Inc. and LPL Financial Holdings Inc. have announced a strategic relationship agreement that will transfer all the retail and investment advisory assets of Prudential's 2,600 advisors from Fidelity National Financial Services to LPL.

The agreement is designed to enhance the customer and financial professional experience for Prudential's retail wealth management business, Prudential Advisors, and accelerate growth for both firms. This partnership is a significant milestone in LPL's mission to offer sophisticated wealth management capabilities to more enterprise firms and their advisors.

A unique perspective: Financial Audit Firms

The transition is expected to be completed in the latter part of 2024, subject to receipt of regulatory approval and other conditions. LPL will expand its technology platform and servicing for the Prudential advisors, who work with around $50 billion in client assets.

Prudential Advisors will continue to work with clients in all 50 states to offer financial planning, investment, insurance and retirement solutions. The partnership will also help streamline and reduce back-office resource demands for Prudential Advisors.

Here are some key details about the agreement:

* Prudential Financial Inc. is transferring $50 billion in client assets from Fidelity National Financial Services to LPL Financial Holdings Inc.The transition is expected to be completed in the latter part of 2024.LPL will expand its technology platform and servicing for the Prudential advisors.Prudential Advisors will continue to work with clients in all 50 states.

Here's an interesting read: Ally Financial Announces Second Quarter 2024 Financial Results

The core partnership between Prudential and LPL Financial is a game-changer in the industry. This first-of-its-kind relationship enhances the client and financial advisor experience.

By combining their strengths, Prudential and LPL Financial expand advisor offerings, accelerating growth opportunities. This strategic partnership builds on Prudential's strong brand and best-in-class leads programs.

Take a look at this: Financial Management Advisor

LPL Financial and Prudential have been working together since August 2023.

The two companies first announced their deal in August 2023.

LPL Financial has invested $300 million in technology and support services operations to handle the Prudential Advisors deal.

The deal involves moving $60 billion in investment advisory and annuity assets onto LPL Financial wealth management systems.

Prudential Advisors plans to move $35 billion more assets over to LPL within a few months.

LPL Financial will support about 2,800 Prudential Advisors financial professionals.

The Prudential Advisors financial professionals serve 3.5 million American families.

LPL Financial now works with about 1,000 financial institutions and 28,000 financial professionals.

Here are the key details about the deal: