Welcome!

AJAX & REA Authors: Elizabeth White, Michael Jannery, Liz McMillan, Plutora Blog, Pat Romanski

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
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
At 15th Cloud Expo, Shrikant Pattathil, Executive Vice President at Harbinger Systems, demos a video delivery platform that helps you do interactive videos. He discusses how Harbinger is accomplishing it in the cloud world, the problems they faced and the choices they made to get around these problems.
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
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, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP ...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
"For the past 4 years we have been working mainly to export. For the last 3 or 4 years the main market was Russia. In the past year we have been working to expand our footprint in Europe and the United States," explained Andris Gailitis, CEO of DEAC, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
Over the past year, Datical has had amazing success with our flagship product, Datical DB. We’ve seen multiple visionary, sector-leading companies select Datical DB to drive their Application Schema changes. Now that the number has grown rapidly over the past year, we can begin to see patterns in why customers choose Datical DB. One of them turns out to be pretty emblematic of our other customers. So, let's examine the reasons why they chose to adopt Datical DB.
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
Log data provides the most granular view into what is happening across your systems, applications, and end users. Logs can show you where the issues are in real-time, and provide a historical trending view over time. Logs give you the whole picture. Logentries, a log management and analytics service built for the cloud, has announced a new integration with Slack, the team communication platform, to enable real-time system and application monitoring. Users of both services can now receive real-...
Entuity®, a provider of enterprise-class network management solutions, today announced that it solidifies its position as a market leader through global enterprise customer acquisitions and a refined channel strategy. In 2014, Entuity increased new license revenues in EMEA by over 75 percent, and LATAM by over 125 percent as customers embraced Entuity for its highly automated solution and unified architecture. Entuity’s refined channel strategy focuses on even deeper strategic alignment with ke...