The Bank Insurance & Securities Association (BISA) recently presented LPL Financial with the Technology Innovation Award*, recognizing the firm for its innovative advisor-enhanced digital investment solution, Guided Wealth Portfolios (GWP).
The platform was launched in 2017, designed as a solution for advisors to meet investors’ increasing demand for a digital experience, while keeping the financial advisor at the center of the relationship.
The technology-enabled platform provides advisors an opportunity to reach new markets and create scale in their business. By offering a low account minimum, more investors gain access to financial advice with on-demand access to their portfolio with access to the advisor’s support and guidance.
“Digital advice is changing business for the better and LPL has been forward thinking on how we apply it to our whole wealth management ecosystem, investing and innovating to deliver the capabilities and solutions that help our advisors differentiate and grow their practices,” said Rob Pettman, LPL Financial, Product and Platform Solutions. “GWP provides an option for advisors to evolve their offering and meet more investors in the digital space, while adding value with what they can uniquely provide, the relationship of a trusted financial advisor.”
GWP is an automated, centrally managed platform that couples digital investing with the advisor’s oversight, review and advice. Ongoing monitoring and rebalancing is driven by algorithms, with the advisor approving distribution or a change in risk tolerance. Digital investment management is outsourced through LPL Research, and marketing features are automated as well, making it efficient to communicate proactively with investors.
The platform has been adopted by financial institutions and independent advisor firms alike. Since its launch, the platform has been continually enhanced to deliver more value, driven by advisor feedback. Recent enhancements have included offering team-based URLs and the ability to create split-rep IDs to meet the practice needs of our advisors.
About LPL Financial
LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker-dealer**. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
*According to BISA, the Technology Innovation Award is designed to recognize leadership in the advancement of technological innovation in products, services and platforms of the financial industry. This award highlights companies for their commitment to advancing industry technology*.
**Based on total revenues, Financial Planning magazine June 1996-2018
LPL Financial and Bank Insurance & Securities Association are not affiliated.
Guided Wealth Portfolios (GWP) is a centrally managed, algorithm-based, investment program sponsored by LPL Financial LLC (LPL). GWP uses proprietary, automated, computer algorithms of FutureAdvisor to generate investment recommendations based upon model portfolios constructed by LPL. FutureAdvisor and LPL are nonaffiliated entities. Both LPL and FutureAdvisor are investment advisors registered with the U.S. Securities and Exchange Commission.