Retail investment advisory firm LPL Financial has selected FutureAdvisor, a robo advice platform owned by BlackRock, to offer digital investment advice.
FutureAdvisor, which was acquired by BlackRock in August 2015, will support a digital advice platform for use by LPL Financial’s advisors and institutions and their clients.
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LPL Financial’s robo advice solution, which is expected to be rolled out in phases in the second half of the year, can automatically build investor portfolios online based on a series of questions.
Ryan Parker, managing director of investment & planning solutions at LPL, said: "We are excited to collaborate with FutureAdvisor to accelerate the development of our robo advice solution, which we believe will enable our advisors and institutions to serve a variety of clients with independent, objective financial advice in a convenient and scalable manner.
"The new solution will complement advisors’ existing practices and expand the availability of their services to current or potential clients who may prefer a digital alternative to the traditional method of receiving investment advice."
The platform will be accessible through a web portal and will also be integrated with LPL’s custodial platform.
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By GlobalDataLPL Financial said that the solution will feature access to the LPL Research department’s model investment portfolios.
"The need for objective financial advice has never been greater, and LPL has always believed the best way to provide such advice is through building personal, long-term relationships in ways that work for investors. LPL is committed to providing the tools, services and support that our advisors need to work smarter and grow their businesses, and we believe that our robo advice solution will support our mission by improving investor experience and advisor efficiency, allowing advisors and their staff to focus more on what matters most to their clients," Parker added.
