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LPL Financial Enhances High-Net Worth Services, Nixes Investable Asset Minimum

LPL Financial Enhances High-Net Worth Services, Nixes Investable Asset Minimum. Financial services, broker-dealer, registered independent adviser, RIA, LPL, high-net worth market, Cerulli Associates, tax planning, advanced planning, illiquid, alternative investments

In an effort to tap into the growing high-net worth market, LPL Financial LLC launched High-Net-Worth Services from LPL Business Solutions. The new offering empowers LPL’s more than 22,000 financial advisers in delivering personalized guidance to high-net-worth clients who require sophisticated approaches to manage, safeguard, and deploy their wealth.

Earlier this month, market intelligence researcher Cerulli Associates reported that investable assets held by high-net-worth households have ballooned by more than $23 trillion since 2011. As these investors continue to accumulate wealth, transition assets, and define their legacies, LPL aims to provide comprehensive support to advisers who serve this market.

Per LPL, High-Net Worth Services offers a range of specialized planning services: case consultations, advanced planning, estate and philanthropic planning, tax planning, customized portfolio construction, and access to a ‘virtual ensemble practice.’ With the launch, LPL eliminated a previous $5 million investable asset minimum, allowing advisers to serve their high-net-worth clients’ needs at any stage of the clients’ lifecycle, including large illiquid holdings.

“Our High-Net-Worth Services are delivered by a dedicated team of subject matter experts with deep experience across domains that high-net-worth clients need, helping ensure advisers receive the top-tier support to meet their client’s unique needs,” said Jen Hollers, senior vice president of planning and advice services at LPL.

“We’re making it easy for our advisers to be even more competitive in their markets [and to] acquire and retain relationships with high-net-worth and ultra-high-net-worth families. Our advisers now have the option to tap into a group of tenured professionals that include attorneys, CPAs and veteran advanced planners to execute precision around building, maintaining and servicing these families with complex needs,” Hollers added.

LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at approximately 1,100 enterprises and 570 RIA firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled more than $1.35 trillion as of Dec. 31, 2023.

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