LPL Introduces Affiliation Model for HNW Advisors

LPL Financial LLC, an independent broker-dealer, announced the launch of LPL Private Wealth Management, a new advisor affiliation model aimed at serving high-net-worth clients with assets of at least $5 million.

LPL Private Wealth Management aims to attract wirehouse advisors by providing them with select services, more autonomy and client ownership.

“Private Wealth represents the best of both worlds — exclusive access to specialized teams and resources vital to supporting the needs of high-net-worth investors while enjoying all the benefits of independence, all while earning up to 50% higher payouts than the average wire,” said Gary Carrai, EVP, Advisor Business Lines.

LPL currently manages around $130 billion in high-net-worth assets focused on estate and philanthropic planning, income tax strategy, trustee services, alternative investing platform, banking and lending solutions, and life insurance planning.

LPLA has been diversifying its operations through opportunistic purchases over the years. To accelerate growth, it entered a relationship arrangement with Prudential Financial in August.

In July, it agreed to purchase Crown Capital’s wealth management unit. It bought FRGIS and Boenning & Scattergood’s Private Client Group in February. It bought Waddell & Reed’s wealth management business in 2021, and Blaze Portfolio, E.K. Riley Investments, LLC, and Lucia Securities in 2020.

LPL services over 22,000 financial advisors across the US, including advisors at roughly 1,100 organizations and nearly 560 registered investment advisor firms.