COMMERCE FINANCIAL ADVISORS TO JOIN THE
LPL FINANCIAL INSTITUTION
“The alliance with LPL Financial represents a major milestone for us,” said John Handy, chief executive officer, Commerce Trust. “Leveraging LPL’s economies of scale and innovative technology will allow us to deliver world class operational excellence to our clients, thereby maximizing our focus to better serve our clients in helping them achieve their financial goals. We are confident this partnership will evolve the way we meet the needs of our clients, ultimately fueling our growth and return on shareholder value.”
“We are looking forward to Commerce Financial Advisors joining the LPL Institution Services platform,” said Ken Hullings, senior vice president, Enterprise Business Development, LPL Financial. “Just as Commerce is committed to providing the best service experience to their clients, LPL is committed to providing their advisors with the best technology, digital capabilities, and planning resources, to differentiate their offering, and continue to grow their wealth management program. We look forward to partnering with the team at Commerce and enhancing their ability to serve a marketplace with an increasing demand for personalized financial advice.”
Commerce Bank and LPL Financial signed an agreement in November 2022 to transition support of the firm’s retail advisory and brokerage business to LPL Financial. Commerce Financial Advisors will onboard its brokerage and advisory assets to LPL’s Institution Services platform in the second half of 2023.
*Data as of September 30, 2022. Commerce Trust is a division of Commerce Bank.
About Commerce Bancshares, Inc.
With $32.6 billion in assets1, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered 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 more than 155 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.
1 As of September 30, 2022
About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve†, supporting nearly 21,000 financial advisors, including advisors at approximately 1,100 institution-based investment programs and at approximately 500 registered investment advisor ("RIA") firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.
† Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (Based on total revenues, Financial Planning magazine 1996-2022); among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors. (2021-2022 Kehrer Bielan Research & Consulting Annual TPM Report); Fortune 500 as of June 2021.
LPL and its affiliated companies provide financial services only from the United States.
Securities and Advisory services offered through LPL Financial ("LPL Financial"), an SEC-registered broker-dealer and investment advisor. Member FINRA/SIPC. We routinely disclose information that may be important to shareholders in the "Investor Relations" or "Press Releases" section of our website.
Commerce Financial Advisors is a division of Commerce Brokerage Services, Inc., which is a subsidiary of Commerce Bank. Commerce Trust is a division of Commerce Bank. Commerce Bancshares, Inc., Commerce Bank, and Commerce Brokerage Services, Inc. are separate entities from LPL Financial.