Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor
LPL Financial sign in San Diego

Financial Planning > UHNW Client Services > UHNW Client Advice

LPL Expands HNW Program, Drops Asset Minimum

By John Manganaro

X
Your article was successfully shared with the contacts you provided.

LPL Financial says it is launching an expanded high-net-worth services program for advisors.

The new offering means LPL’s roughly 22,600 financial advisors can share an “elevated experience” and more personalized guidance with high-net-worth clients who require a more sophisticated approach to wealth management, according to the broker-dealer.

The news comes just one week after LPL announced its purchase of Atria Wealth Solutions, which has about 2,400 advisors and ties to roughly 150 banks and credit unions that manage some $100 billion of brokerage and advisory assets.

LPL’s new HNW support services will be delivered by a dedicated team of subject matter experts with “deep experience across domains that high-net-worth clients need,” Jen Hollers, senior vice president of planning and advice services, explained in a statement.

“We’re making it easy for our advisors to be even more competitive in their markets and to acquire and retain relationships with high-net-worth and ultra-high-net-worth families,” Hollers added.

In a report this month, Cerulli estimated that investable assets held by high-net-worth households have ballooned by more than $23 trillion since 2011.

Through the new support program, LPL’s advisors can tap into the services of professionals that include attorneys, CPAs and advanced planners with experience building and maintaining financial plans for wealthy families with complex needs.

Its advisors also get support with tax and estate planning, customized portfolio construction, philanthropic planning and more.

Plus, LPL Financial is eliminating a $5 million investable asset minimum for specialty services, allowing advisors to help HNW clients with their financial needs at any stage of the client lifecycle — including assistance with large illiquid holdings, the firm says.

As of Dec. 31, LPL Financial’s total client assets were $1.35 trillion. In 2023, its total revenue grew 17% from the prior year to $10.05 billion, while its net income jumped 26% to $1.07 billion.

John Manganaro

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.