Newark-based Prudential Advisors, the retail arm of Prudential Financial, and LPL Financial Holdings Inc. on Monday finalized 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,” Brad Hearn, president, Prudential Advisors, said. “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.
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.
As of Nov. 18, approximately $25 billion in assets have been onboarded to the LPL platform from Prudential Advisor’s broker-dealer and investment advisory business. The remaining $35 billion of assets are expected to onboard over the next several months.
