LPL Sees Recruiting Benefits From Souped-Up HNW Services
LPL Financial said it was expanding its high-net-worth services program this week so that its 22,660 financial advisors could deliver an “elevated experience” and more personalized guidance to clients seeking a sophisticated approach to wealth management.
The firm believes that many advisors on the move today want the ability to serve wealthy clients more personally and holistically, according to Jen Hollers, senior vice president of planning and advice services.
The new services, Hollers told ThinkAdvisor in an interview, aims to complement LPL’s November 2023 launch of a dedicated private wealth channel designed for advisors focused on serving clients with at least $5 million in assets. It’s open to all advisors, she noted, giving them the ability to engage, win and retain clients with significant amounts of wealth without needing to completely refocus their practices on this niche.
Ultimately, Hollers argued, these efforts should position LPL well when it comes to recruiting and retaining top advisor talent — especially breakaway teams leaving the four wirehouses, other large broker-dealers and private banks.
The firm is laser-focused on such talent, she added, mainly because the broader advisor force is aging and challenges remain when it comes to sourcing next-generation talent that reflects the evolving U.S. population.
In 2023, LPL added 1,386 advisors. Recruited assets for the year totaled $80 billion, while net new assets generated by existing advisors were $100 billion. Overall, it has $1.35 trillion of assets on its platforms.
This year, the firm plans to onboard 2,600 financial advisors from Prudential Financial, and complete the transition of up to 2,400 advisors with Atria Wealth Solutions by mid-2025.
Doubling Down
“I want to emphasize that we have always focused on supporting our advisors in this area, but this expansion will help us to deliver a greater deal of expertise across our advisor force,” Hollers said. “What is new is the depth and breadth of experts that we have added to the central team, especially the estate attorneys and CPAs.”
According to the executive, LPL’s advisors will be able to forgo the significant time and expense of sourcing in-house expertise by relying on the expanded support.
