LPL Financial has launched a new platform intended to streamline the way financial advisors and their clients access and manage alternative investments, dubbed LPL Alts Connect.
LPL’s announcement describes Alts Connect as a “centralized, digitized system” that facilitates the purchasing process and provides tools such as pre-qualification, e-signature capabilities and the ability to send sales kits directly to clients via email.
Alts Connect is supported by technology and resources developed by Subscribe, an operating system that replaces the traditional infrastructure of private fund investments by offering a central platform to streamline investor onboarding, subscription documents and reporting. By utilizing the platform, advisors in independent practices and institutions like banks and credit unions will be able to better meet the increasingly complex planning needs of high-net-worth and ultra-high-net-worth investors, LPL says.
“With the launch of our new alternative investment platform, advisors have access to a shelf of tailored, institution-caliber opportunities that are aligned to the needs of high-net-worth and ultra-high-net-worth clients and designed to set advisors apart from the competition,” said Cheri Belski, executive vice president and head of investment management solutions for LPL, in a statement.
Other key features of LPL Alts Connect include real-time order status updates via a dedicated dashboard, compliance reviews and shorter investment turnaround times. These features are complemented by educational resources for both advisors and investors.
In conjunction with the launch, LPL has also enhanced its middle-office services through a relationship with SS&C, which provides custodial and reporting services. LPL has also formed a dedicated team to support and educate advisors on these new services.
Finally, LPL is also expanding its relationship with iCapital to offer a selection of its alternative investment products to LPL’s network of advisors and affiliated firms.
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