LPL Financial has introduced a cash management account designed to integrate clients' traditional banking with investing.
The CMA combines modern banking features with investment flexibility, the wealth management firm said this week. The account allows clients to manage uninvested funds more efficiently, use them to make payments and maintain a unified view of their finances within LPL’s account view platform, the company said.
“With CMA, we’re removing friction between banking and investing,” Mike Holtschlag, LPL banking and lending head, said. “Clients can act quickly when investment opportunities arise, while enjoying the everyday functionality of a traditional spending account. It’s about empowering advisors to offer a more integrated and seamless financial experience to their clients.”
The LPL cash management account provides enhanced FDIC protection up to $2.5 million for individual accounts and $5 million for joint accounts, the company said. It includes direct deposit, mobile check deposit, debit card, bill pay, check writing and digital payment integration.
LPL said the account positions advisors to compete more effectively in a rapidly evolving marketplace.
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