Prudential partners with LPL Financial
Prudential Financial and LPL Financial, a provider of investment and business solutions for financial advisors, announced a strategic relationship agreement designed to enhance the customer and financial professional experience for Prudential’s retail wealth management business, Prudential Advisors, and accelerate growth for both firms.
Under the agreement, Prudential will move retail brokerage and investment advisory assets from Prudential Advisors’ current third-party custodian to LPL Financial, and leverage LPL’s broker-dealer and registered investment advisory services. 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 model to provide a tailored experience for the more than 2,600 Prudential Advisors financial professionals. Following the transition, Prudential Advisors will continue to work with clients in all 50 states to offer financial planning, investment, insurance and retirement solutions, enhanced by the improved capabilities of the LPL platform and utilizing LPL for clients’ brokerage and investment advisory needs.
“LPL’s best-in-class platform will significantly improve capabilities to help our advisors serve clients and grow their practice even faster. With this agreement, we are further investing in our Prudential Advisors business, while streamlining and reducing back-office resource demands.” – Brad Hearn, president of Retail Advice and Solutions at Prudential.
“The partnership-oriented spirit of this agreement between LPL and Prudential is a significant milestone in our mission to offer sophisticated wealth management capabilities to more enterprise firms and their advisors. Prudential has a revered reputation of being a pillar of the financial services industry. They have also been a valued partner of LPL’s since 1989 in the life and annuity space. We look forward to our expanded relationship and welcoming Prudential Advisors to our platform.” – Ken Hullings, LPL’s executive vice president, Enterprise Business Development.
