LPL Financial has launched a new service aimed at helping advisors better support their small-business owner and executive clients as they plan for the long-term future.
Through the new offering, LPL’s nearly 29,000 advisors can connect with a certified business exit planner who supports the business owner’s needs and serves as a liaison to vetted banking partners.
The “full-service experience” is designed to meet the needs of advisors and differentiate the value they provide to their entrepreneurial clients, according to the announcement, which notes that there are some 33 million small businesses in operation across the United States.
Roughly 12 million of these firms will be sold over the next decade, according to LPL, yet most small-business owners do not have a succession plan in place.
“CEOs and founders have worked incredibly hard to build their businesses and deserve the highest caliber of planning and advice,” Jen Hollers, senior vice president and head of high-net-worth services at LPL Financial, said in a statement.
Working with exit planners can help clients “strategize, scale, and, when the time is right, pursue an optimized sale,” Hollers added.
LPL’s offering also includes case consultations, advanced business planning, estate planning and ongoing tax planning.
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