LPL Financial continues to grow its footprint in the institutional sector and said Tuesday that it reached a deal with Commerce Bank to move Commerce Financial Advisors onto LPL's Institution Services platform.
Commerce Financial Advisors, the retail brokerage and advisory division of Commerce Bank subsidiary Commerce Brokerage Services, is made up of almost 30 financial advisors who collectively served about $4.4 billion of brokerage and advisory assets as of Nov.15, the companies said in a joint announcement.
Financial terms of the deal weren't disclosed, and LPL didn't immediately respond to a request for comment.
"Just as Commerce is committed to providing the best service experience to their clients, LPL is committed to providing their advisors with the best technology, digital capabilities, and planning resources, to differentiate their offering, and continue to grow their wealth management program," said Ken Hullings, senior vice president of Enterprise Business Development at LPL, in a statement.
"We look forward to partnering with the team at Commerce and enhancing their ability to serve a marketplace with an increasing demand for personalized financial advice," Hullings added.
Explaining why his team selected LPL, Commerce Trust CEO James Handy stated: "Commerce Financial Advisors has always been focused on helping our clients meet their financial goals through a tailored investment strategy, and LPL is the right partner to help us meet and exceed our client's investment goals."
