LPL Financial has added Mutual Financial Group, the insurance and wealth management services subsidiary of Bank Mutual, to its institution services platform.
Based on prior business, Mutual Financial reported servicing approximately $150m of investment assets, as of 31 May 2015.
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The bank currently has 12 financial advisors serving Bank Mutual’s extensive network of bank offices in Wisconsin and Minnesota, and it is seeking to grow its wealth management program.
Its financial representatives build portfolios designed to be unique to the investment needs of its wide-ranging client base, and utilize its accessibility to insurance and investment planning and products, advisory products, brokerage services and wealth management services.
Bank Mutual president and CEO David Baumgarten said: "We are pleased to have the support of LPL in order to realize our vision for Mutual Financial Group and to facilitate its growth and expansion. We chose to align with a prominent leader in the institution services arena and will benefit from LPL’s exceptional wealth management program support, access to a wide range of investment resources, advanced technology capabilities and support in financial advisor recruiting."
LPL Institution Services senior vice president of business development Craig Kamis added: "We are delighted to welcome Mutual Financial Group to LPL. We look forward to working closely with the bank and its advisors to help them manage and grow their wealth management program in alignment with their clients’ needs."
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