LPL Financial advisors have the option of selling a portion of their book of business to the company, as part of a new initiative LPL said will allow advisors to focus more on achieving their business goals.
The new offering, called “Partial Book Sales,” is designed for advisors “who are interested in strategically rightsizing their practice while ensuring a seamless client transition,” according to Aneri Jambusaria, managing director, LPL Services Group.
The off-loaded accounts, she says, would be serviced by LPL’s Investor Focused Solutions team of licensed advisors, who will ensure continuity of advice and service.
The process of transferring accounts is powered by a new digital platform that makes for a seamless process, the company says, noting that advisors receive guidance with identifying and submitting accounts for transfer. And once the submission of accounts is approved, advisors receive an immediate and competitive payout, the company says.
“The transition experience includes a warm handoff from the LPL advisor to our LPL team,” Jambusaria says.
She says the optional service was created because of advisors’ feedback. “Advisors have shared that they want to create capacity in their practice and have full confidence that those clients will be served with intention,” she says. “We look forward to continual feedback from our advisors about this and all of LPL’s offerings.”
LPL said the Partial Book Sales offering is the latest service that “focused on enabling advisors to rightsize in order to run a thriving business.” It follows three other services launched in 2022: its Bookkeeping Services, its Paraplanning Services and the Private Client Services Network.