LPL Financial has added wealth management programs of Zions Bancorporation to its Institution Services platform.
The Institution Services platform of LPL Financial provides comprehensive third-party brokerage, wealth management and trust services to the investment programs of more than 740 banks and credit unions throughout the United States.
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Zions Bancorporation is among the largest domestic bank holding companies in terms of deposits, with more than 450 offices across 11 western and southwestern states and $57 billion in total assets.
Zions provides wealth management services under the local names of eight subsidiary banking institutions. These include Zions First National Bank (Utah, Idaho, Wyoming), California Bank & Trust, Amegy Corporation (Texas), National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado (Colorado, New Mexico), The Commerce Bank of Washington, and The Commerce Bank of Oregon.
The wealth management services of Zions focus largely on serving the financial planning needs of a high net worth clientele, reflecting the bank’s commercial lending and business owner client base. Zions advisors target clients in the specialized areas of multigenerational business ownership and business transition.
Julie Castle, executive vice president of Zions Bancorporation and CEO of Zions Capital Advisors, said, "We are pleased to partner with LPL Financial to provide comprehensive support to the financial advisors in our wealth management programs. We undertook an extensive due diligence process to evaluate a field of potential partners and LPL emerged as our top choice. Our decision to partner with LPL fit well with our overall corporate strategy and will enable us to support the future development of any additional wealth management offerings we might explore."
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By GlobalDataZions executives examined four key areas in choosing their wealth management platform, according to Castle, including the client experience; compliance, operations and technology; products and services, the advisor portal, and tools; and finance and accounting.
"We were particularly impressed with LPL’s technology, including its mobile capabilities, and the extent of advisor and operational supervision that LPL will provide," said Castle. "The resources and skill set of the people we worked with at LPL also distinguished them above other potential partners we met."
Andy Kalbaugh, managing director, LPL Financial Institution Services, said, "The decision of Zions to partner with LPL underscores our unique ability to support large, complex wealth management organizations. We are very excited to be able to support the wealth managers of Zions Bancorporation in their mission to help their high net worth clients reach their financial goals. We look forward to working closely with the Zions organization to provide our broad range of support and services as they seek additional strategies to grow their wealth management business."
