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Industry Spotlight > Advisors

LPL Adds Bookkeeping Services for Advisors

By Jeff Berman

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What You Need to Know

  • LPL's new Bookkeeping Services pairs advisors with industry-trained bookkeepers.
  • Advisors can use the new offering to streamline their business decisions.
  • The launch launch follows LPL’s introduction of Paraplanning Services and Private Client Services Network in the first half of 2022.

LPL Financial has introduced Bookkeeping Services, a new offering for the firm’s advisors that it said Thursday pairs an advisor with an industry-trained bookkeeper who understands their unique business needs.

A waived onboarding fee will be provided for a limited time, LPL said.

Advisors can now use the new offering to “streamline” their business decisions and receive accurate and timely financial reports from the bookkeepers, LPL noted.

Bookkeeping Services operates as an extension of the advisor’s practice, providing dedicated support to record and categorize financial data and use the advisor’s commission statements to provide up-to-date reporting, it said.

The service starts with onboarding, during which time processes are established to “set the stage for long-term success,” LPL said.

The Bookkeeping Services launch follows LPL’s introduction of Paraplanning Services and the Private Client Services Network in the first half of 2022.

“Up-to-date financials and accurate books are essential to making confident business decisions,” according to Aneri Jambusaria, executive vice president of LPL Services Group.

“We recognize the complexity of our advisors’ work and the time commitment required to maintain books with precision,” she said in a statement. “Our new service is designed to save advisors time with accurate reporting conducted by a bookkeeper who is well versed in LPL and wealth management best practices.

“Whether needing to build financial reporting for the first time, transitioning bookkeeping responsibilities, or seeking inorganic business growth, we believe that LPL affiliated advisors at all stages of business can benefit from this service,” she added.

LPL now supports more than 21,000 financial advisors, about 1,100 institution-based investment programs and about 500 independent RIA firms across the U.S., with over $1.4 trillion in brokerage and advisory client assets serviced or custodied, it said.

Jeff Berman

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