LPL Financial Continues to Enhance FinTech, AI Capabilities
In 2024, LPL Financial LLC evolved its financial technology, investment solutions, and platform infrastructure. The company said the changes reflect its commitment to helping advisers leverage existing and new technologies to maximize their time, deliver bespoke client experiences, and provide more sophisticated and personalized financial advice.
Over the 12 months, LPL invested approximately $500 million in technology innovation and infrastructure enhancements to impact more than 250 adviser, institution and end-client experiences, while also enabling strategic integration with Prudential Financial – a partnership The DI Wire first reported in August 2023 where the entirety of retail and registered investment advisory assets of Prudential’s advisers transferred from Fidelity National Financial Services to LPL Enterprise LLC, an affiliate of LPL Financial Holdings.
LPL Financial Holdings Inc. supports more than 28,000 financial advisers and the wealth management practices of 1,200 financial institutions. Headquartered in San Diego, its total advisory and brokerage assets totaled approximately $1.8 trillion as of Dec. 19, 2024.
“Leveraging our scale and the insights from 28,000 advisers, we continuously enhance and reinvest in our technology to align with their most pressing needs,” said Greg Gates, chief technology and information officer at LPL. “Our aim is to streamline processes and free up valuable resources, enabling advisers and institutions to focus on their businesses. Additionally, we remain committed to fortifying our platforms with robust security and faster performance, aimed at ensuring they are reliable and resilient.”
LPL’s tech enhancements and updates throughout the fourth quarter included a new guided user interface and intuitive in-transaction submission capabilities that enable faster movement of money – thereby simplifying the process for investors.
Most recently, LPL launched AI Advisor Solutions, a curated program designed to help advisers balance time-saving AI tools with compliance and regulatory risk management. The firm plans to expand its third-party AI-powered solutions next year and is piloting a program that applies AI to generate customized insights that shape personalized financial planning.
As reported in the same article by The DI Wire, investment data management solutions firm Dasseti recently published a research report corroborating LPL’s actions to advance its tech. The report found that 89% of general partners have utilized generative AI, or Gen AI, tools in their workflow over the past year, and 84% plan to continue using Gen AI in the next 12 months.
Further strengthening its tech leadership, LPL also recently welcomed two additional accomplished executives to its team: Sid Vyas, executive vice president, chief technology officer of infrastructure and operations; and Renana Friedlich, executive vice president, chief information security officer. Vyas oversees the stability and reliability of LPL’s operating platforms and Friedlich spearheads LPL’s cybersecurity strategy.
Click here to visit The DI Wire directory page.
