LPL has made a deal with BMO Harris Bank to service the Bank of the West’s wealth management business, which includes $7.8 Billion dollars of brokerage and advisory assets and 85 advisors. BMO acquired Bank of the West earlier this year and already had an existing relationship with LPL from 2020, when the bank agreed to outsource its $14 billion dollar brokerage and advisory business to LPL.

LPL has also made a deal with Commerce Bank to bring its subsidiary Commerce Financial Advisors and their approximately $3.2 billion dollar brokerage and advisory business to their platform.

LPL’s CEO, Dan Arnold, told analysts on the firm’s earnings call that he didn’t see short-term business being driven by the recent stress in the banking sector, but that it does reinforce the firm’s value proposition for enterprises, particularly banks exploring different strategic options for their different business lines, such as wealth management.