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June 16, 2022

LPL Financial sets up private client services network

LPL Financial, a US-based independent broker-dealer, has launched a private client services network to help LPL-affiliated advisers better serve high-net-worth (HNW) clients.

The LPL Private Client Services Network will offer these advisers a curated register of companies to provide a personalised, full-service option to HNW customers.

According to the company, access to the network can help its affiliated advisers with the sale of small and mid-sized businesses, hedging and monetising concentrated stock positions, high-end property and casualty insurance, specialty lending and specialised tax services.

LPL Private Client vice-president Patrick Herrington said: “The new programme is a distinguishing addition to our Private Client offering, creating a full-service option for advisers serving or seeking to serve affluent clients.

“With LPL’s Private Client Services Network, advisers have access to vetted providers, enabling a concierge-like experience that can help advisers grow value and deepen relationships with clients.”

LPL is said to support more than 20,000 financial advisers, and approximately 800 institution-based investment programmes and nearly 500 independent registered investment adviser (RIA) firms across the US.

The firm offers its advisers a range of services including access to investment solutions, technology and cybersecurity platforms, brokerage and advisory services, operational support, compliance oversight, and consulting, educational conferences, and training opportunities.

According to the company, its private client offering has enabled over 200% growth of assets associated with HNW households during period between 2016 and 2021.

In 2020, LPL brokered a deal to purchase the assets of E.K. Riley Investments, a broker-dealer and RIA serving individuals, affluent families, and business owners.

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