LPL Financial Announces Strategic Relationship With First Horizon Bank

LPL Financial Holdings Inc. announced an agreement with Memphis, Tenn.-based First Horizon Bank – the banking subsidiary of First Horizon Corporation (NYSE: FHN) – to expand their wealth management capabilities and solutions by transitioning support of the broker-dealer and investment advisory services of First Horizon Advisors Inc. to LPL and its Institution Services platform.

First Horizon Advisors Inc. is a subsidiary of First Horizon Bank and consists of approximately 110 financial advisers who collectively serve approximately $16 billion of client assets across the company’s 12-state footprint. According to both firms, the financial advisers with First Horizon Advisors will continue to work with their clients to implement investment strategies that help them pursue their financial goals.

“LPL’s industry-leading capabilities and operational support will allow us to expand our offering and concentrate our talent, resources, and capital on driving continued growth and outstanding client experiences,” said Martin de Laureal, president at First Horizon Advisors. “This relationship will further empower our advisers to provide exceptional advice and distinguish themselves in the marketplace.”

The transition is expected to be completed in the second half of 2025, subject to receipt of regulatory approval and other conditions.

“Through their community-minded commitment to excellence, First Horizon Advisors delivers well-respected and comprehensive financial advice to their clients,” said Christopher Cassidy, senior vice president, head of institution business development at LPL Financial. “LPL will further enhance the competitive advantage of First Horizon Advisors by delivering seamless experiences and customized support while powering the future of advice through one unified vision.”

Last week, LPL announced a definitive agreement to acquire Commonwealth Financial Network, the largest independently owned wealth management firm in the United States, for approximately $2.7 billion in cash.

As of Dec. 31, 2024, First Horizon Corporation listed $82.2 billion in assets and LPL Financial Holdings (Nasdaq: LPLA) served $1.7 trillion in total advisory and brokerage assets.

LPL reported record results for fiscal year 2024, adding more than 6,200 financial advisers. That growth included approximately 2,200 advisers and 160 institutions brought on through the acquisition of Atria Wealth Solutions, which was completed in the fourth quarter 2024.

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