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Portfolio > Asset Managers

LPL Modeling Program Tops $2B

By Janet Levaux

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LPL CEO Dan Arnold LPL Financial President & CEO Dan Arnold.

Less than a year after it introduced its Advisor Sleeve service, LPL Financial says the program’s assets have exceeded $2 billion. 

The service, built on the broker-dealer’s Model Wealth Portfolios platform, lets advisors run custom portfolios (or “strategies”) and use LPL for monitoring, trading, rebalancing and tax management. It was being used by about 1,500 advisors with $600 million in the program last July, LPL President & CEO Dan Arnold said at the time. 

“It is remarkable that we hit this milestone in the midst of global disruption,” according to Rob Pettman, head of Product and Platform Management. 

In March, LPL increased the number of models that advisors can create with the resource from 10 to 15. 

Advisor Sleeve lets advisors easily tailor models for clients, Pettman says. “Advisors are finding value in being able to deliver their unique portfolio designs in a way that is scalable and simple,” he explained. 

The independent broker-dealer had 16,763 affiliated advisors as of March 31, up 574 from a year ago and 299 from the prior quarter. (Earlier this week, it said it planned to open a technology hub in Austin, Texas, for 100-plus employees.)

Asset Levels

Overall, LPL’s centrally managed platforms have $50 billion in assets under management. 

The independent broker-dealer’s total level of assets fell 2% from a year ago to $670 billion as of March 31, though fee-based (or advisory) assets, jumped 3% to $322 billion.

Total net new asset inflows in the first quarter were $12.5 billion, representing a 6.5% annualized growth rate. Recruited assets were $8.4 billion for Q1’20 and $36.2 billion for the past four quarters.

Janet Levaux

@Think_JanetL

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