FUNDRAISING NEWS | November 18, 2024
Prudential Advisors has officially finalized the transition of its retail broker-dealer and RIA services to LPL Financial, about 15 months after the tie-up was announced in August 2023.
With the launch of the two firms’ strategic partnership, 2,800 Prudential financial advisors join the LPL advisory network, following more than $300M in investments made by LPL over the past year to expand its tech platform and servicing model in anticipation of the advisor integration. Joint recruitment efforts by the two firms are expected to grow the advisory pool further.
The integration has seen $25B of Prudential Advisor assets added onto the LPL platform as of November 18, while the remaining $35B is expected to be moved in the next several months, for a total of approximately $60B in Prudential Advisor assets to be onboarded to LPL.
The relationship also brings LPL’s network of supported advisors to over 28,000 in one of the largest advisor additions this year, just a month after it finalized a $100B landmark deal with Atria Wealth Solutions where it absorbed 2,400 advisors, as reported by Dakota on October 2.
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