Prudential Financial Completes Integration with LPL Financial Platform, Delivering Experience Upgrade for its Retail Arm, Prudential Advisors

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LPL Financial Holdings, Inc.
LPL Financial Holdings, Inc.

NEWARK, N.J. and SAN DIEGO, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Prudential Advisors, the retail arm of Prudential Financial, Inc. (NYSE: PRU) and LPL Financial Holdings Inc. (Nasdaq: LPLA) finalized today the launch of their strategic relationship, first announced in August 2023.

This first-of-its-kind relationship between Prudential and LPL enhances the client and financial advisor experience, expands advisor offerings and will accelerate growth opportunities for both firms.

Following the transition of Prudential’s retail broker-dealer and registered investment advisory services and operations to LPL Enterprise LLC, an affiliate of LPL Financial Holdings Inc., LPL now supports more than 2,800 Prudential Advisors financial advisors — that has grown from approximately 2,600 during the past year — who collectively serve 3.5 million American families. Prudential and LPL are collaborating on advisor recruiting efforts, leveraging the significant resources and new capabilities of both firms to attract top talent to Prudential Advisors.

“For Prudential Advisors, this relationship significantly enhances our advisor offering by adding LPL’s wealth management platform, financial solutions and industry-leading advisor and client-support capabilities — building on our strong brand, best-in-class leads programs and supportive culture,” said Brad Hearn, president, Prudential Advisors. "Together, Prudential and LPL are leveraging our collective strengths and core capabilities to benefit financial advisors and their clients, and we are excited to bring this new level of capabilities to our advisors.”

Over the past year, LPL has invested more than $300 million to build the technology platform, integrate and onboard Prudential Advisors. This investment will improve capacity and ease of doing business for Prudential Advisors’ financial advisors and their clients, while offering an expanded investment platform for more than 28,000 LPL advisors, including those at its other 1,000 institution clients.

“We have a deep respect for Prudential and share their belief that every American deserves access to personalized financial advice,” said Ken Hullings, EVP, Institution Client Success, LPL Financial. “The conversion to the LPL platform marks the launch of a long-term partnership that brings extensive wealth management capabilities to Prudential Advisors. We remain committed to empowering growth for our clients through improved efficiencies, comprehensive solutions and innovative technologies.”

Prudential Advisors’ financial advisors now have access to additional services that create capacity and enable new capabilities, helping them focus on the growth of their businesses while continuing to serve their clients’ financial needs.

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