LPL Financial Holdings Inc. and Prudential Financial Inc. announced that Prudential will transfer its retail brokerage and investment advisory assets from its current custodian, Fidelity's National Financial Services, to LPL Financial.

LPL Financial will serve as the service provider for Prudential's financial advisors. Those advisors handle approximately $50 billion in client assets. According to InvestmentNews, currently, Prudential utilizes National Financial Services as its brokerage and RIA platform.

Prudential's 2,600 financial advisors will utilize LPL's broker-dealer and registered investment advisory services. The companies stated that the transition is anticipated to conclude in the latter part of 2024, pending regulatory approval and fulfillment of other conditions.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.