First Interstate Bank has selected LPL Financial as its new third-party broker-dealer after a 10-year relationship with another service provider.

The large community bank based in Billings, Montana, will look to LPL to help transition the wealth management business to the Department of Labor's new fiduciary requirements, LPL said in an announcement this week.

(Bloomberg News)
(Bloomberg News)

"LPL stood out to us for being proactive in its DoL preparedness and for providing the tools, resources, platforms and access to products that enable us to remain focused on growth and our clients' needs during this time," Patricia Smith, president of First Interstate Wealth Management, said in the announcement.

First Interstate was also impressed with LPL's digital wealth management platform, which it said would provide a better service experience to its clients.

The bank's wealth management program has approximately $810 million in advisory and brokerage assets and employs 40 financial consultants, according to First Interstate. It previously used Cetera Financial Institutions as its third-party broker-dealer.

"We are proud to be able to support First Interstate Wealth Management. Its leaders recognize the value the wealth management program delivers to the client experience and the bank's bottom line," Craig Kamis, head of Institutional Business Development for LPL, said in the announcement.

The community bank operates 80 banking offices throughout Montana, Wyoming and South Dakota. It had $9 billion in assets as of Sept. 30, 2016, according to information provided on its website.

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