LPL Financial announced the expansion of its High-Net-Worth Services program, which it says is designed to equip advisors with the services desired by affluent families.

The program, provided by LPL Business Solutions, offers advisors services related to case consultations, advanced planning, estate and philanthropic planning, tax planning, customized portfolio construction and access to a “virtual ensemble practice,” the company said in a press release.

LPL said it has also dropped a $5 million account minimum for the program to allow "advisors to serve their high-net-worth clients’ needs at any stage of the clients’ lifecycle," The dropping of the minimum, the company added, will allow advisors to use the services for clients with high levels of illiquid wealth.

The broker-dealer noted that Cerulli Associates has reported that, since 2011, the assets held by high-net-worth investors have increased by $23 trillion.

“LPL is beginning to lean into more of an emphasis and focus on those families and equipping advisors to be able to work with those kinds of families,” said Jen Hollers, senior vice president of planning and advice services at LPL Financial.

The virtual ensemble practice allows an advisor to tap into the expertise of LPL without having to commit to the added annual and permanent expense it would traditionally cost, the company said. LPL's team includes lawyers, certified public accountants, and other professionals who are trained in meeting the needs of wealthy clients, Hollers said.

LPL will charge a fee for the service, but Hollers declined to specify the cost. Advisors who wish to participate in the service will receive access to an internal application within LPL’s portal. The application allows advisors to track plan status, message their planners, and send and access key documents, according to a company spokesman.