LPL Unveils Alts Platform
LPL Financial has launched LPL Alts Connect, a digital platform aimed at transforming the way financial advisors and their clients engage with alternative investments.
The platform, powered by alts tech firm SUBSCRIBE, introduces streamlined, digitized processes such as e-signature capabilities, real-time order tracking, and direct client communication features. It’s designed to cater especially to the needs of high-net-worth and ultra-high-net-worth clients.
According to LPL, the platform will make a big dent in the efficiency game. By slashing the average transaction processing time from 40 days to under 14, they’re tackling one of the biggest pain points in alternative investments—speed. This gain is achieved through features including a one-time prequalification setup and automated compliance review processes that verify documentation before client signatures.
To support the new platform, LPL Financial has expanded their collaboration with iCapital to provide a range of alternative investment products to their advisor network. LPL has also partnered with SS&C Technologies Holdings to enhance custodial and reporting services through SS&C ALTSERVE. This collaboration aims to streamline the process of transitioning alternative investments between firms, enabling faster and more efficient management of these assets for advisors and their clients.
The launch of LPL Alts Connect is accompanied by educational resources designed for both advisors and investors to help them navigate the alternative investment landscape. In addition, LPL has established a dedicated team to provide ongoing support and education on the new services, ensuring that both advisors and clients can make the most of the platform’s offerings.
According to Cheri Belski, EVP and head of investment management solutions for LPL, “As the expectations of investors continue to evolve, this platform will arm advisors with more sophisticated ways to serve their clients.”
Supporting nearly 29,000 financial advisors, around 1,200 financial institutions and overseeing roughly $1.7 trillion in brokerage and advisory assets for about six million Americans, the new platform fits right into their ongoing push to grow their wealth management footprint.