LPL Rolls Out HNW Services

LPL Financial says it has introduced the LPL Private Client Services Network, which gives its affiliated financial advisors access to “boutique-style” services for high-net-worth investors.   

Services provided by the network include assistance with “the sale of small and mid-sized businesses; hedging and monetizing concentrated stock positions; high-end property and casualty insurance; specialized tax services; and specialty lending,” according to the broker-dealer.

“The new program … [creates] a full-service option for advisors serving or seeking to serve affluent clients,” according to Patrick J. Herrington, head of LPL Private Client. “With LPL’s Private Client Services Network, advisors have access to vetted providers, enabling a concierge-like experience that can help advisors grow value and deepen relationships with clients.” 

The firm launched the new program at its Private Wealth Symposium for advisors specializing in HNW clients, held earlier this week at the University of Chicago Booth School of Business.

From 2016 to 2021, LPL says, its private client program has helped advisors increase HNW assets by over 200%. (The firm defines high-net-worth households as those with more than $5 million of assets invested via their LPL advisor.)

The firm is rolliing out the new HNW program about two months after it introduced paraplanning services, which are led by a team of 15 paraplanners who gather and input data into financial planning software to generate insights and offer advisors a complete financial plan for clients, according to LPL; plan maintenance services are available on an annual basis.

LPL Financial now works with over 20,000 advisors, about 800 institution-based investment programs and some 500 independent RIA firms. As of May 31, it had about $1.12 trillion of assets on its platform; net new assets for the month were $24.8 billion, including $18.2 billion of brokerage assets and $1.3 billion of advisory assets that moved to LPL from CUNA.