LPL Financial’s RIA Offerings Gain Appeal with Advisors

Last Edited by: LPL Financial

Last Updated: December 15, 2021

LPL Financial’s RIA Offerings Gain Appeal with Advisors graphic

Understanding the dynamic needs of advisors has been the foundational mission of LPL’s recent RIA initiatives, especially in light of advisors’ pandemic challenges. Continuing to meet those dynamic needs fuels LPL’s commitment to providing more options for RIA businesses to thrive independently while feeling supported.

Booming RIA industry is evolving with the times

The rapid growth and evolution of the Registered Investment Advisors (RIA) profession was a major focus of conversation at InvestmentNews' RIA Summit recently. The virtual event featured a variety of industry experts which included LPL Financial’s own Marc Cohen, Executive Vice President of Advisor Solutions at LPL, and Steve Earner, Senior Vice President, RIA affiliation at LPL.

The RIA Summit agenda included topics that resonated with RIA professionals looking to choose the right partners to understand and meet their dynamic needs. Topics included, “Improving the Cost, Efficiency, and Integration of Custody” and “Getting Started with Custody and Other Services,” which Marc Cohen and Steve Earner spoke to, respectively.

LPL stays focused on RIA’s best interests

Through the evolution of the RIA industry, LPL Financial has stayed focused on serving advisors’ best interests. Because of that focus, LPL is positioned to serve RIA’s evolving needs now and in the future. Marc Cohen, expanded on this capability and what it means for LPL Financial’s RIA professionals with InvestmentNews. He states:

“LPL Financial has focused on consulting and practice management to gain market share recently and is looking to work with RIAs of a variety of stripes.”

For LPL, working with a “variety of stripes” means recognizing that every RIA is unique, with goals and needs specific to their idea of success. It’s important that RIA’s find custodians they feel can recognize and support their idea of success. Steve Earner, recently shared useful tips for RIA’s choosing a custodian with InvestmentNews that goes into more detail.

Steve encourages RIA’s to dive deeper when determining the right custodian by asking questions that go beyond custody and fees. These include questions such as:

  • Where can they add value as a business partner?
  • How are they helping you provide a seamless client experience and manage costs?
  • How can they help you manage different functions of your business?
  • And, most importantly…
  • How can they help you grow?

LPL positions itself as “growth partner” for RIA’s.

In a recent AdvisorHub interview, Marc Cohen noted LPL’s intent to “show up as a growth partner” for RIA professionals. According to a recent InvestmentNews article, which highlighted its summit event details, growth potential is one of the major factors for professionals entering the financial industry as RIA’s, or switching to RIA status.

Advisors may be hoping to capitalize on the growth opportunities available with the increase in RIA practice mergers and acquisitions. Additionally, clients’ evolving interests and values in recent years (ex:  sustainable investing) mean RIA’s may desire more strength through partnerships that help them attract more of today’s incoming investors.

Altogether, these new changes present an exciting new landscape for RIA-focused practices. And, executives attending the RIA Summit noted that custodians are expressing more plans to embrace these trends, such as targeting alternative assets.

RIA’s find flexibility to grow their way with LPL Financial

Registered investment advisors who custody with LPL have choices in how they're supported, regardless of their size or future business goals. Those who utilize LPL Financial’s RIA offerings join an increasing group of existing RIA partners finding visibility and recognition on a national scale. With the resources available through LPL, RIA practices have the opportunity to grow their business.

Resources available at LPL include dedicated service teams, growth consultants, relationship management experts, and a choice of integrated financial technology. LPL Financial is the 3rd largest custodian in terms of assets under management--and the only leading custodian with 100% advisor-focus. 1 No matter how you as an RIA choose to partner with LPL Financial, you can trust that objective expertise and guidance will accompany your practice at every step. 

Cerulli Associates, 2019 U.S. RIA Marketplace Report

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