BOSTON, May 18, 2015 (GLOBE NEWSWIRE) -- LPL Financial LLC, the nation's largest independent broker-dealer*, a custodian for registered investment advisors (RIAs), and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), announced today a significant evolution in its service offering with the expansion of Private Client, a comprehensive offering providing dedicated support and resources to help its independent financial advisors and institutions market to, win and retain high-net-worth individuals and institutional clients.
The expansion of the Private Client offering reflects LPL's ongoing commitment to being a custodian of choice across a variety of client demographics. As a differentiating feature, Private Client supports any LPL-affiliated advisor with prospective client opportunities, existing client needs, or those possessing the desire to enter the high-net-worth market, which is defined by LPL as those clients with $5 million or more of investable assets. The comprehensive offering includes: multidisciplinary consulting services, access to specialized performance reporting technology, research tailored to the high-net-worth marketplace, and practice management resources for advisors aspiring to expand their service offering.
The announcement comes during LPL’s Private Wealth Symposium held in New York from May 17 to 19. More than 170 of LPL’s top-producing advisors are expected to attend the conference, which is tailored to advisors working in the high-net-worth and alternative investments space and includes discussions about practice management and investment topics specific to the high-net-worth market.
After successfully piloting Private Client for the last several months with a select group of its advisors, LPL is making the offering available to all 14,000+ of its advisors, regardless of the size of their clients’ investable assets or how many high net worth clients they support, and is providing Private Client consulting services at no additional cost to advisors who custody assets at LPL. Importantly, Private Client will be available to support all advisors, regardless of their business model.
Since increasing its focus on the high-net-worth client segment over the last several years, LPL has gained ground on many established firms that focus on this tier of business. Today, LPL has $27 billion in advisory and brokerage assets in accounts of $5 million or more, up from $20 billion at the end of 2013.
Through its acquisition of Fortigent in 2012, LPL Financial has been thoughtfully integrating into the LPL platform the capabilities and advanced technology that Fortigent offered to its clients. Private Client incorporates the Fortigent tool set and makes many of the same solutions available to all LPL advisors.
"Our advisors are increasingly working with wealthier households, and at the same time, supporting these high-net-worth clients is growing increasingly complex,” said Matt Enyedi, LPL executive vice president, RIA and High-Net-Worth Solutions. “Through our Private Client offering, LPL is in a better position to equip our advisors with the right tools and resources to ensure they can confidently win and support these clients today and in the future.”
LPL advisors that have engaged the Private Client consulting team have said that it is making a difference in their support of their high-net-worth clients. “LPL Private Client has been a valuable resource in addressing the complex needs of my sophisticated clientele,” said Loreen Gilbert, LPL advisor and president of WealthWise Financial Services. “The team’s support complements my expertise, provides timely results, and helps me fulfill the promise of excellent service to my most important clients.”
*Based on total revenues, Financial Planning magazine, June 1996-2014
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), is a leader in the financial advice market and serves $485 billion in retail assets. The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and more than 700 banks and credit unions. LPL Financial is the nation's largest independent broker-dealer since 1996 (based on total revenues, Financial Planning magazine, June 1996-2014), is one of the fastest growing RIA custodians with $105 billion in retail assets served, and acts as an independent consultant to over an estimated 40,000 retirement plans with an estimated $120 billion in retirement plan assets served, as of March 31, 2015. In addition, LPL Financial supports approximately 4,300 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have 3,352 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC. LPL Financial and WealthWise Financial Services are separate entities.
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