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LPL’s Fee-Only RIA Support Tool Makes Financial Headlines

LPL Financial

LPL's Registered Investment Advisor business model has evolved to meet RIA advisors needs. Now LPL will serve broker-dealers & fiduciary-based advisors. Read what Marc Cohen, Executive Vice President of Advisor Business, had to say to Wealth Management.

… We believe in the concierge white glove approach that allows us to be able to deliver a personalized, highly responsive experience to every one of our clients

- Marc Cohen

Through WealthManagement.com’s highlighting of LPL’s “white glove” service to fee-only advisors, readers gain new insights into LPL’s forward-thinking RIA services and how independent advisors with fiduciary-focused futures will benefit.

LPL’s RIA-focused affiliate model is a game-changer in the industry

It’s not a stretch to say that LPL’s focused efforts over the last few years—which have resulted in several new offerings–deserve headlines. Since its launch in 2008, the registered investment advisor (RIA) business model has evolved to meet the varied needs of RIAs. Now, through its fee-only RIA support model, LPL will serve independent broker-dealers and fiduciary advisors alike.

The flexibility and opportunity the model provides, along with LPL’s position as a self-clearing firm, have been key in cementing LPL Financial as the third largest RIA custodian in the market. In his interview with WealthManagement.com Marc Cohen, Executive Vice President of Advisor Business at LPL Financial, expanded on LPL’s goal with the new business model.

Cohen noted the evolution of the broker and regulator construct—and how the new model puts LPL’s custodial status in clearer focus than before. This is in contrast to how he described the hybrid capacity model of ’08, in which LPL Financial “served as both the custodian as well as a friendly broker-dealer … in an integrated fashion.”

A hybrid approach ensures LPL’s advisors can grow their own way

The RIA affiliate model is also solving another problem for financial professionals operating in a fee-only capacity: the need for professional support. The mentioning of “white glove” in regards to service is another aspect of the affiliate model that makes it an industry game-changer.

Giving RIA firms operating on a fee-only service model access to real, knowledgeable people who are truly focused on their success, helps them grow. In fact, a recent article at LPL gave additional insight into the opportunities for practice growth for business owners in light of current RIA valuations.

With the RIA affiliate model, small-scale and large-scale RIAs receive a dedicated service pod, relationship manager, and growth consultant, all included in a single fee. Again, this sets LPL’s RIA model apart.

Giving LPL advisors access to more tools and platforms

LPL’s new RIA model joins a growing catalog of industry-leading tools, platforms, and services all working to give advisors the flexibility they need to build the business they want.

The successful launch of the Strategic Wealth Services model, introduction of LPL Business Solutions, and seamless software integration with trusted third-party vendors such as Salesforce and MoneyGuide Pro, are just a few of the recent innovations for RIA advisors at LPL. Each offering is aimed at ensuring every financial professional has the support, resources, and connections they need to succeed—so that their businesses can make headlines.

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