Welcome!

AJAX & REA Authors: Liz McMillan, Elizabeth White, David H Deans, Pat Romanski, Scott Hirsch

News Feed Item

The Private Trust Company, The Trust Administration Subsidiary Of LPL Financial Holdings, Announces Next Stage Of Strategic Growth

-- Trust Unit Generates Strong Organic Growth Results, Plans for New Opportunities with LPL Financial High-Net-Worth Platforms, Fortigent and Concord Capital Partners -

CLEVELAND, Jan. 23, 2013 /PRNewswire/ -- The Private Trust Company, N.A. (PTC), a wholly owned indirect subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), today unveiled the next steps in its ongoing strategic expansion, building upon its strong organic growth in 2012.  Going forward, the Cleveland-based trust administration specialist PTC will work closely with LPL Financial and its recently expanded range of high-net-worth capabilities to identify and capitalize on additional opportunities to serve clients in its target markets nationwide and to maintain the momentum generated by its strong growth in revenue and assets year-to-date.  LPL Financial is the nation's largest independent broker-dealer*, a top RIA custodian, and a leading independent consultant to retirement plans.

Despite the economic downturn, PTC has experienced dramatic growth in the last 3 years, experiencing an increase in accounts administered by 25%.  The company reported that its strong growth has been driven principally by the unique flexibility of its business model within the trust administration space, which emphasizes an open architecture approach with respect to wealth management, providing high-net-worth individuals and families with total flexibility and choice in selecting their own trusted financial advisors.

Bethany Bryant, who was named President of PTC in May 2012, said, "The trust and estates sector is witnessing a significant evolution as clients increasingly opt to work with independent advisors who can bring flexibility and customization to the management of trust assets.  Today's high-net-worth clients with intergenerational estate planning needs don't want one-size-fits-all products or a limited universe of wealth management funds. PTC, with its open architecture model of fiduciary services, does not impose wealth management products or rigid models on our customers. Rather, we enable – and encourage – clients to maintain their relationships with their trusted financial advisors, while we serve as trustee or co-trustee. This enables financial advisors to provide a more robust offering of wealth management services and to better maintain intergenerational relationships when assets are held in trust and passed down to beneficiaries."

Andrew Putterman, Managing Director of High Net Worth Services at LPL Financial and Chief Executive Officer of Fortigent, said, "We are very proud of PTC's growth in 2012, and we look forward to working with Bethany and her team to build the business even further in 2013. With the additions of Fortigent and Concord Capital to LPL Financial, PTC is well positioned to capitalize on the new opportunities we are creating as it works to address the needs of high-net-worth families and individuals. We are excited to play an empowering role in the company's ongoing growth under Bethany's leadership."

In gearing up for the next stage of its expansion, PTC has hired Jack Keane, a seasoned finance and operations executive, as Vice President, Finance & Administrative Officer, and plans to bring on additional trust officers in 2013.  Prior to joining PTC, Mr. Keane held executive positions at National City Corporation, where he was Chief Financial Officer for its Institutional Asset Management Division, and at KeyCorp, where he was Chief Financial Officer of The Victory Funds.  Mr. Keane received an EMBA in Management from The Weatherhead School of Management, Case Western Reserve University, and a B.A. in Accounting from Siena College in Loudonville, New York.

Joining Mr. Keane, and in a step that further enhances its team, PTC also announced the hiring of Carolyn Neuner as Assistant Vice President and Trust Officer.  In this role, Ms. Neuner will be responsible for the service and retention of trust accounts and wealth management clients, and will provide guidance and implementation of estate plans for intergenerational high-net-worth clients.   Prior to joining PTC, Carolyn Neuner served as Vice President of Personal Trust Administration at TIAA-CREF Trust Company, and before then, Ms. Neuner had 31 years of experience across a number of senior trust and leadership roles at Bank of America, including serving most recently as Senior Vice President and Team Leader.  Ms. Neuner is a Certified Trust and Financial Advisor, as well as a graduate of the National Trust School.

Additionally, PTC, which now employs 25 professionals, has recently expanded its office space by nearly 30% and renewed its lease in downtown Cleveland's Hanna Building to accommodate the anticipated growth.  The company is also investing in its technology platform in order to support growth, and has commenced efforts to market its services in closer conjunction with local RIAs and the industry-leading high-net-worth offerings of LPL Financial, including Fortigent and Concord Capital Partners.

Ms. Bryant concluded, "We also benefit from the strong financial services infrastructure of our home city and headquarters, Cleveland.  Cleveland's long history as an industrial center has resulted in a considerable base of intergenerational wealth, and the service industry that grew up around it created an exceptional talent pool in the estate planning arena. This makes Cleveland an ideal environment in which to continue to build our business.  As Cleveland develops successful new industries in health care, art, education and other areas, we are pleased to contribute to the city's ongoing growth.  In short, our unique and flexible business model, combined with our expertise, service and strong roots within the Cleveland financial services community, continues to drive growth and attract larger client relationships."

About The Private Trust Company
The Private Trust Company, N.A. (PTC) provides trust administrative services for over $935 million in individual and family assets, and also serves as custodian for $74 billion in IRA assets.  Licensed in all 50 states under its 1995 national banking charter, PTC serves as trustee, co-trustee, or agent for the trustee while specializing in delegating investment management to financial advisors.  This model allows for clients to utilize the experts at The Private Trust Company to provide professional trust administrative services while outsourcing investment management services.  The Private Trust Company is a wholly owned subsidiary of LPL Financial Holdings Inc.

About LPL Financial
LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ: LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2012), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers integrated technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 13,100 financial advisors and approximately 685 financial institutions. In addition, LPL Financial supports over 4,500 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,900 employees with headquarters in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.

LPL Financial, A Registered Investment Advisor, Member FINRA/SIPC.

*Based on total revenues, Financial Planning magazine, June 1996-2012

Forward-Looking Statements

This press release may contain forward-looking statements (regarding management expectations, strategic objectives, business prospects, financial results, and other similar matters) that involve risks and uncertainties. The words "anticipates," "believes," "expects," "may," "plans," "predicts," "will" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.  Forward-looking statements are not guarantees that future results, plans, intentions or expectations expressed or implied by LPL Financial Holdings Inc. or its affiliates will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties which may cause actual results to be materially different than those expressed or implied by forward-looking statements.  Important factors that could cause or contribute such differences include, but are not limited to, changes in general economic and financial market conditions, fluctuations in the value of assets under custody, effects of competition in the financial services industry, changes in the number of our financial advisors and institutions and their ability to effectively market financial products and services, the effect of current, pending and future legislation, regulation and regulatory actions, and the other factors set forth in Part I, "Item 1A. Risk Factors" in LPL Financial Holdings Inc.'s 2011 Annual Report on Form 10-K, which is available on www.lpl.com and www.sec.gov.

LPLA-C

Media Contacts
Matthew Griffes / Joseph Kuo
Haven Tower Group LLC
(206) 402 5853 / (206) 420 3851
[email protected] or [email protected]

SOURCE LPL Financial LLC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@CloudExpo Stories
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accel...
As cloud gives an opportunity to businesses to buy services externally - how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, will provide answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He will also tell us everything about Intercloud and Cisco investment on it.
Can we look to the paradigm of cloud computing from a completely different perspective? In his General Session at 15th Cloud Expo, Gundars Kulups, Sales Director at DEAC, will discuss what we can learn from our dining habits when choosing a cloud solution. Gundars Kulups is Sales Director at DEAC, full service data center operator. An IT expert, he specializes in European countries and has worked in the IT industry since 1992. He graduated from Riga Technical University (RTU) in Latvia and com...
SYS-CON Events announced today that TMCnet has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Technology Marketing Corporation (TMC) is the world's leading business to business and integrated marketing media company, servicing niche markets within the communications and technology industries.
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue bu...
SYS-CON Events announced today that Parasoft will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. For 27 years, Parasoft has researched and developed software solutions that help organizations deliver defect-free software efficiently. By integrating Development Testing, API/cloud/SOA/composite app testing, and service virtualization, we reduce the time, effort, and cost of delivering secur...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at Internet of @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., will show what is needed to leverage the IoT to transform...
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customiz...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, will describe an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-devic...
Until recently, many organizations required specialized departments to perform mapping and geospatial analysis, and they used Esri on-premise solutions for that work. In his session at 15th Cloud Expo, Dave Peters, author of the Esri Press book Building a GIS, System Architecture Design Strategies for Managers, will discuss how Esri has successfully included the cloud as a fully integrated SaaS expansion of the ArcGIS mapping platform. Organizations that have incorporated Esri cloud-based appl...
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT tranformation? In his session at 15th Cloud Expo, John Hatem, head of V...
Dyn solutions are at the core of Internet Performance. Through traffic management, message management and performance assurance, Dyn is connecting people through the Internet and ensuring information gets where it needs to go, faster and more reliably than ever before. Founded in 2001 at WPI, Dyn’s global presence services more than four million enterprise, small business and personal customers.
IBM and Tencent Cloud signed a business cooperation memorandum to collaborate on providing public cloud with Software-as-a-Service solutions for industries. Both parties agreed to focus on emerging small and medium enterprises in the smarter cities and smarter healthcare industries as well as other fields. This will enable these industries to utilize mobile, cloud computing and big data tools to transform internal processes and operations, thus achieving cloud transformation in the era of mobili...
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
European data center operator DEAC is the largest in the Baltics. The activities are orientated to provide data center services and IT outsourcing on Eurasia and America scale in order to create the primary or backup or additional data center for customer in the EU, to protect its business and, most importantly, reduce costs up to 40% within 3-5 years. DEAC is an IT outsourcing services and solutions company whose highly experienced and qualified employees offer various groups of services and...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: ...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: S...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo, moderated by Ashar Baig, Research ...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...