Prudential Financial's Prudential Advisors unit on Monday began moving $60 billion in investment advisory and annuity assets onto LPL Financial wealth management systems.
LPL took in $25 billion in Prudential assets as of Monday and is now supporting about 2,800 Prudential Advisors financial professionals, the companies said.
Prudential Advisors plans to move $35 billion more assets over to LPL, from Fidelity's National Financial Services unit, within a few months.
What it means: For Prudential Advisors financial professionals, the LPL move could mean access to more and better products and client-support tools.
"We are excited to bring this new level of capabilities to our advisors," Brad Hearn, Prudential Advisors' president, said.
For LPL, the Prudential relationship could lead to more relationships with giant financial institutions.
Rich Steinmeier, LPL's CEO, said Oct. 30, during a conference call with securities analysts, that LPL had to talk to Prudential for two years before it could begin to negotiate a contract.
