LPL Financial Expands Suite of Service for High Net Worth Clientel

LPL Financial is broadening its suite of offerings to support financial advisors in delivering exceptional service to affluent clientele. This expansion emphasizes advanced financial planning, estate and philanthropic strategy, and tailored portfolio management, complementing the tax planning services introduced last October.

Positioned in San Diego, LPL Financial has unveiled these enhanced services aimed at high-net-worth individuals, underscoring its commitment to equip advisors with comprehensive tools and expertise. A specialized team, comprising seasoned professionals such as attorneys, CPAs, and advanced planning experts, will deliver these services, ensuring advisors can effectively cater to the intricate financial landscapes of high-net-worth and ultra-high-net-worth families.

Jen Hollers, Senior Vice President of Planning and Advice Services at LPL, highlights the initiative as a strategic advantage for advisors, enabling them to differentiate themselves in the marketplace and foster enduring relationships with affluent families through bespoke and sophisticated planning solutions.

While specifics on the pricing of these services for advisors and their clients were not immediately disclosed, the necessity for such offerings is clear. Affluent families often require more than standard investment management and basic financial planning. Their needs extend to estate planning for wealth transition, strategic tax planning, and philanthropic endeavors, reflecting a trend towards more comprehensive service offerings within the wealth management sector for high-net-worth clients.

Recent research from Cerulli Associates indicates a significant uptick in the demand for these services among high-net-worth practices, with estate planning and tax planning services witnessing substantial growth in adoption over recent years. This shift underscores the increasing complexity and wealth accumulation within high-net-worth households, which have seen their total wealth surge by over $23 trillion since 2011.

LPL Financial, with a network exceeding 22,000 financial advisors and a heritage dating back to 1989 as an independent broker-dealer, continues to evolve. While maintaining its core brokerage platform for independent practice-owning advisors, LPL has diversified its engagement models. This includes employing advisors directly, acting as a custodian for registered investment advisor (RIA) firms, and offering enhanced support for independent contractors under the 1099 model to establish and manage their practices.

As a publicly traded entity experiencing a notable 11.6% increase in its share price this year, coupled with reporting stronger-than-expected earnings, LPL Financial reaffirms its position as a leading provider of financial advisory services, now with an even greater focus on meeting the complex needs of the high-net-worth market segment.


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