LPL Financial LLC (“LPL Financial” or “LPL”), today announced that
Commerce Financial Advisors, the retail brokerage and advisory
division of Commerce Brokerage Services, Inc., a subsidiary of
Commerce Bank, has joined LPL’s Institution Services platform.
Commerce Financial Advisors is made up of nearly 30 financial
advisors who collectively serve approximately $4.7 billion of
brokerage and advisory assets. Commerce Bank is a subsidiary of
Commerce Bancshares, Inc. (NASDAQ: CBSH).
“For more than 35 years, Commerce Financial Advisors has helped
clients and their families reach their financial goals by providing
sound financial advice,” said Mark Potter, President of Commerce
Financial Advisors. “We’re excited about our partnership with LPL.
Being able to leverage LPL’s operational excellence, economies of
scale and innovative technology, along with Commerce Financial
Advisors’ holistic advice, will allow us to elevate the
personalized service experience for all our clients.”
“We extend a warm welcome to the Commerce Financial Advisors
leadership team, field management, advisors and support staff as
they join LPL’s network of enterprise clients,” said Ken Hullings,
executive vice president, Enterprise Business Development, LPL
Financial. “LPL is committed to providing Commerce Financial
Advisors with the technology, digital capabilities and planning
resources needed to strengthen client relationships and
differentiate their offering in the marketplace. We look forward to
our continued partnership with the leadership team at Commerce and
supporting them in growing their wealth management business.”
Commerce Bank and LPL Financial signed an agreement in November
2022 to transition support of Commerce Financial Advisors to LPL’s
Institution Services platform.
About Commerce BankWith $32.8 billion in
assets1, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a regional
bank holding company offering a full line of banking services
through its subsidiaries, including payment solutions, investment
management and securities brokerage. One of its subsidiaries,
Commerce Bank, leverages nearly 160 years of proven strength and
experience to help individuals and businesses solve financial
challenges. In addition to offering payment solutions across the
U.S., Commerce Bank currently operates full-service banking
facilities across the Midwest including the St. Louis and Kansas
City metropolitan areas, Springfield, Central Missouri, Central
Illinois, Wichita, Tulsa, Oklahoma City, and Denver. It also
maintains commercial offices in Dallas, Houston, Cincinnati,
Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce
delivers high-touch service and sophisticated financial solutions
at regional branches, commercial offices, ATMs, online, mobile and
through a 24/7 customer service line. Learn more at
www.commercebank.com.
1As of June 30, 2023
About LPL FinancialLPL Financial Holdings Inc.
(Nasdaq: LPLA) was founded on the principle that LPL should work
for advisors and enterprises, and not the other way around. Today,
LPL is a leader in the markets we serve, serving nearly 22,000
financial advisors, including advisors at approximately 1,100
enterprises and at approximately 550 registered investment advisor
("RIA") firms nationwide. We are steadfast in our commitment to the
advisor-mediated model and the belief that Americans deserve access
to personalized guidance from a financial professional. At LPL,
independence means that advisors and enterprise leaders have the
freedom they deserve to choose the business model, services and
technology resources that allow them to run a thriving business.
They have the flexibility to do business their way. And they have
the freedom to manage their client relationships, because they know
their clients best. Simply put, we take care of our advisors and
enterprises, so they can take care of their clients.
Securities and Advisory services offered through LPL Financial,
LLC ("LPL Financial"), a registered investment advisor. Member
FINRA/SIPC. LPL Financial and its affiliated companies provide
financial services only from the United States. Commerce Brokerage
Services, Inc., Commerce Bank, Commerce Bancshares, Inc., and LPL
Financial are separate entities.
Throughout this communication, the terms “financial advisors”
and “advisors” are used to refer to registered representatives
and/or investment advisor representatives affiliated with LPL
Financial.
We routinely disclose information that may be important to
shareholders in the "Investor Relations" or "Press Releases"
section of our website.
Forward Looking Statements Statements in this
press release regarding the future operating results, growth and
plans of LPL and Commerce Bancshares, Inc. (“CBSH”), including
those related to expected future benefits of the relationship
between LPL and CBSH, the future of CBSH’s wealth management
program, levels of assets serviced and advisor and client
experience, as well as any other statements that are not related to
present facts or current conditions or that are not purely
historical, constitute forward-looking statements. These
forward-looking statements are based on the historical performance
of LPL and CBSH‘s retail brokerage and advisory business and LPL’s
plans, estimates and expectations as of August 23, 2023.
Forward-looking statements are not guarantees that the amount or
timing of asset onboarding, or the results, plans, intentions or
expectations, expressed or implied by LPL or CBSH will be achieved.
Matters subject to forward-looking statements involve known and
unknown risks and uncertainties, including economic, legislative,
regulatory, competitive and other factors, which may cause levels
of assets onboarded, actual financial or operating results, levels
of activity or the timing of events to be materially different from
those expressed or implied by forward-looking statements. In
particular, LPL can provide no assurance that the assets reported
as serviced by CBSH’s retail advisors will translate into assets
serviced at LPL. Important factors that could cause or contribute
to such differences include: disruptions in the businesses of LPL
or CBSH that could make it more difficult to maintain relationships
with their respective advisors and their clients; the choice by
clients of CBSH’s retail advisors not to open brokerage and/or
advisory accounts at LPL; changes in general economic and financial
market conditions, including retail investor sentiment;
fluctuations in the value of assets under custody; effects of
competition in the financial services industry, including
competitors’ success in recruiting CBSH’s retail advisors and their
clients; and the other factors set forth in Part I, “Item 1A. Risk
Factors” in LPL’s 2022 Annual Report on Form 10-K and any
subsequent SEC filing. Except as required by law, LPL specifically
disclaims any obligation to update any forward-looking statements
as a result of developments occurring after the date of this press
release, even if its estimates change, and you should not rely on
those statements as representing LPL’s views as of any date
subsequent to August 23, 2023.
Contacts
Media Relationsmedia.relations@lplfinancial.com(706)
254-4100
Investor Relationsinvestor.relations@lplfinancial.com
Tracking # 1-05377659
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