Wintrust Transitioning $16B to LPL’s Institutional Platform 

LPL Financial Holdings Inc. and regional bank Wintrust Financial Corporation, a financial holding company with approximately $56 billion in assets, announced an agreement to transition the wealth management business of Wintrust Investments, LLC and certain private client business at subsidiary registered investment advisor (RIA) Great Lakes Advisors, LLC. 

The agreement will transfer approximately 85 advisors and $16 billion of brokerage and advisory assets to the LPL institution services platform, which is responsible for the firm’s bank, credit union and enterprise clients. 

Wintrust Investments, LLC is a broker-dealer and RIA with $13 billion of brokerage and advisory assets. Great Lakes Advisors, LLC has $17 billion in total advisory assets; $3 billion of its private client advisory assets are expected to transfer custody to the LPL platform. 

“We believe LPL is the right partner to help us take our business to the next level. LPL’s integrated advisor platform and ongoing investment in technology will enable our advisors and portfolio managers to do even more for our clients,” said Tom Zidar, chairman and CEO at Wintrust Wealth Management 

Wintrust has 15 community bank subsidiaries and over 170 banking branches in the greater Chicago and southern Wisconsin market areas. It also has several non-bank business operations in the U.S. and Canada. 

The transition is expected to be completed in the first quarter of 2025. 

The transaction follows LPL’s agreement to purchase Atria Wealth Solutions, which has around $100 billion in brokerage and advisory assets, 2,400 advisors, and 150 banks and credit unions. The Atria transition is scheduled to be completed by mid-2025, according to LPL.