First Horizon Bank has moved the broker/dealer and investment advisory services of its wealth management subsidiary to LPL Financial. First Horizon Advisors has about 110 financial advisors across $16 billion of client assets and 12 states. The firm currently uses its own broker/dealer and RIA.
They will join LPL’s Institution Services platform, which provides middle- and back-office functions to banks, credit unions and other financial institutions. The transition is expected to happen in the second half of this year, and their advisors will remain employees of First Horizon Advisors.
“This decision allows us to focus on driving growth for our clients while capitalizing on best-in-class capabilities and operational support that will allow our advisors to provide exceptional advice and to continue to distinguish themselves in the marketplace,” said Martin de Laureal, president at First Horizon Advisors.
LPL has been growing its Institution Services division over the last several years, onboarding Wintrust Financial Corp.’s $13 billion wealth management business, Wintrust Investments, and about 17% of the private client business at subsidiary RIA Great Lakes Advisors in January. Also, in the fourth quarter of 2024, the firm onboarded the retail wealth management business of Prudential, with $63 billion of total assets.
LPL announced plans last week to acquire Commonwealth Financial Network for about $2.7 billion in cash. The agreement sets the stage for San Diego-based LPL to bring over Commonwealth’s 2,900 independent advisors and $285 billion in client assets, bolstering its advisor count to 29,000 across $1.7 trillion in assets. The transaction is set to close in the second half of 2025, with conversion to the LPL platform to be completed in 2026.
Commonwealth has long championed its culture as a boutique, advisor-focused firm, a place where home office executives are reachable by direct phone calls and service team members are deeply familiar with the firms and advisors they support. But LPL CEO Rich Steinmeier and Commonwealth CEO Wayne Bloom said that won’t change, even inside the larger organization.