LPL Financial announced a major agreement to onboard approximately $16 billion in assets from First Horizon Bank. ThinkAdvisor reports that the move follows closely on the heels of LPL's $2.7 billion acquisition of Commonwealth Financial, signaling a period of aggressive expansion for the independent broker-dealer.
The new arrangement involves First Horizon Advisors, the bank's wealth management arm, which includes roughly 110 financial advisors across 12 states. Under the agreement, those advisors will transition to LPL's Institution Services platform, gaining access to a suite of wealth management products, services, and support tools.
ThinkAdvisor reports that the asset transition is expected to close in the second half of 2025, pending regulatory approvals and other conditions.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
