LPL Financial Partners with Wealth.com for Estate Planning Services
LPL Financial has partnered with Wealth.com, an estate planning platform, to provide services to the broker-dealer’s advisors and wealth planning teams.
Through the alliance, Wealth.com will provide a direct integration that will allow LPL’s advisors to gain access to Wealth.com’s Family Office Suite, which is a platform that provides designed to provide personalized support for ultra-high-net-worth clients.
LPL’s advisors will also gain access to various capabilities, including estate plan modeling, document generation, and collaboration with clients, which will be incorporated into their existing workflows, the firm said.
Advisors and LPL’s wealth planning teams will be able to use Wealth.com’s AI-powered legal assistant, Ester, which processes estate planning documents and interprets wills and trusts for advisors and clients.
In August, LPL partnered with Trust & Will, making it the only provider to provide services for the broker-dealer’s 1099 advisors.
“High-net-worth clients are asking for holistic advice, and estate planning is a critical piece of that puzzle,” Tara Popernik, LPL’s EVP of wealth planning, said. “With Wealth.com, LPL’s advisors and home office planners can analyze and illustrate client estate plans quickly and confidently, ensuring more households have an estate plan that aligns with their legacy goals.”
This partnership between the two entities comes after LPL unveiled over the summer its intention to roll out artificial intelligence-powered tools in a $50 million investment that’s aimed at boosting its advisor compensation platform.
The firm also announced that it plans to invest $30 million to make various improvements across trade processing, asset handling, and proposal tools, to boost the services and engagement between advisors and their clients.
Following LPL’s fourth quarter earnings call, CEO Rich Steinmeier reiterated the firm’s obligation to retain 90% of Commonwealth Financial Network’s client assets.
The firm lost nearly 700 advisors in the months following its acquisition of Commonwealth, according to a newly released study from AdvizorPro and Muriel Consulting.
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