LPL Financial plans to roll out a new service for its financial advisors next month that will provide them with access to a slate of services that have been in demand from their high-net-worth clients.
The LPL Private Client Services Network will launch July 11 and connect the firm’s advisory network with companies that the firm has conducted due diligence on.
“Our financial advisors are at the center of their client’s financial lives,” said Patrick Herrington, vice president of LPL’s private client group. “The client comes to their advisor for a referral to a service they are seeking.”
“We did our own in-depth due diligence on all the providers so we have complete confidence in recommending them to our advisors,” Herrington said.
In recent years, LPL has heard from advisors that work with high-net-worth clients about the sophisticated and complex needs of this particular client base. In the past, it was up to the advisor to track down suitable services. Now LPL says it has taken on that additional legwork.
“The advisors were on their own before finding a partner,” Herrington said. “We’ve taken the steps to find that quality control person.”
Through the Private Client Services Network, LPL’s advisors will have access to 14 different providers in a variety of areas, including investment banks, hedging and monetization services, business advisory services, specialty lending, ultra-high-net-worth tax services and high-net-worth property and casualty insurance.
Herrington said that the goal of these services is to differentiate LPL from others in the field. The plan is to expand upon the number of services provided to give advisors more options, he said.
“We’re going to take our time where we go next,” he said. “We want to listen to feedback and perspective from our advisors.”
The network is available to LPL advisors, although Herrington said that many of the services are geared more toward high-net-worth clients. As for the 14 companies that are on the list currently, LPL conducted its own due diligence on all of them before recommending them to advisors. That due diligence included experiences and recommendations from the advisors themselves.