Mutual Financial Group, the wealth management and insurance subsidiary of Bank Mutual, has chosen LPL Financial as its latest third-party marketer.

LPL's compliance resources, products and technology were major factors in the move, says Mutual Financial President Steve Dryer.

"Their advisor portal and all the tools and support that they give organizations like Bank Mutual's Mutual Financial Group really set them apart in reviewing the other TPMs," Dryer explains of the selection process. The bank previously used SII Investments as its TPM.

Wisconsin-based Mutual Financial has nearly $150 million in assets under management. The bank has about $2.4 billion in total assets, according to the firm.

Craig Kamis, LPL's senior vice president of business development, says the decreased cost of using TPMs, coupled with their overall capabilities and the more heavily regulated industry, has opened the door for banks like Mutual Financial over the last two decades.

"You've had a beautiful thing that’s occurred over the span of 15 to 20 years, where you've seen significant improvements of third party providers, while at the same time, seeing an overall net reduction in the costs associated with using them," Kamis explains. "I think that has manifested itself into third parties, such as LPL, winning relationships like that of Zions Bank, for instance," he said referring to another client of LPL.

Indeed, LPL recently partnered with Zions Bank in March, as well as Tompkins Trust and South State Bank in 2014. The firm teamed up with FirstMerit Bank, Five Star Bank and Bank of Tampa in late 2013.

With their latest addition of Mutual Financial, LPL now provides 744 financial institutions with broker-dealer, advisory and insurance services, Kamis adds.

Read more: