LPL Financial has created a new affiliation model for advisors who want to serve high-net-worth clients, the broker-dealer announced Wednesday.
LPL Private Wealth Management was created to help advisors achieve industry-leading payouts, and win client ownership and business autonomy while gaining access to enhanced service provided through LPL Financial, the firm said.
“LPL Private Wealth Management represents the best of both worlds—exclusive access to specialized teams and resources vital to supporting the needs of high-net-worth investors while enjoying all the benefits of independence, all while earning up to 50% higher payouts than the average wire,” said Gary Carrai, executive vice president of advisor business lines at LPL, in a statement.
Anna Howard, senior vice president, Private Wealth Management, added in a statement, “The Private Wealth offering was designed for high-net-worth-focused advisors to easily access resources and serve their clients’ sophisticated and complex needs. Private Wealth provides advisors with a tremendous opportunity to own their business and effectively serve their clients’ needs at a large organization that provides safety and stability while also creating a boutique and personalized experience.”
LPL currently serves approximately $130 billion in high-net-worth assets under management and has developed focused resources such as advanced estate and philanthropy planning, income tax strategy, trustee services, alternative investment platform, banking and lending solutions and life insurance planning, the firm said.