LPL Financial is launching a financial planning tool dubbed WealthVision Essentials, designed to enhance advisors' services across both the independent and institutional channels.
The planning software is powered by eMoney, according to the announcement. It helps advisors go beyond investment management to integrate advice on estate planning, tax strategies, retirement, insurance and more. These capabilities can help grow existing client assets under management, LPL says, as advisors are better equipped to provide advice as clients’ needs evolve.
“We are seeing an increasing demand from clients for sophisticated planning solutions, particularly in the high-net-worth space, and a growing adoption of solutions to better manage volatility,” Aneri Jambusaria, group managing director of wealth management, said in a statement. “That’s why we are committed to equipping every advisor with end-to-end planning solutions to better guide their clients.”
The announcement points to a recent internal LPL study showing that its top-performing advisors are more likely to use comprehensive planning solutions that go beyond portfolio management to build, scale and grow their businesses. These advisors are 53% more likely to offer estate planning, for example, while being 41% more likely to offer tax planning, 28% more likely to offer retirement plan consulting and 17% more likely to offer insurance.
WealthVision Essentials includes stand-alone planning modules that enable advisors to create basic financial plans quickly and efficiently for common client scenarios. This allows advisors to scale their financial planning offerings without adding additional internal resources or headcount.
For more complex client scenarios, customized financial plans can be created to help distinguish advisors by factoring in an individual wealth and life situation. Other key features include an interactive client portal that facilitates collaborative planning and a direct integration into LPL’s advisor platform that ensures smooth data sharing and workflow support.
All LPL advisors will have access to the new financial planning software at no additional cost. They can expect to be onboarded over the next several months.
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