LPL Expands HNW Program, Drops Asset Minimum

In a report this month, Cerulli estimated that investable assets held by high-net-worth households have ballooned by more than $23 trillion since 2011.

Through the new support program, LPL’s advisors can tap into the services of professionals that include attorneys, CPAs and advanced planners with experience building and maintaining financial plans for wealthy families with complex needs.

Its advisors also get support with tax and estate planning, customized portfolio construction, philanthropic planning and more.

Plus, LPL Financial is eliminating a $5 million investable asset minimum for specialty services, allowing advisors to help HNW clients with their financial needs at any stage of the client lifecycle — including assistance with large illiquid holdings, the firm says.

As of Dec. 31, LPL Financial’s total client assets were $1.35 trillion. In 2023, its total revenue grew 17% from the prior year to $10.05 billion, while its net income jumped 26% to $1.07 billion.