06.12.25

LPL Tries Beefing Up Banking To Take on Wall Street

by: Sam Del Rowe

To better compete with well-resourced Wall Street giants for high-net-worth clients, LPL Financial is developing banking and lending capabilities for its advisors to offer clients, according to Group Managing Director of Wealth Management Aneri Jambusaria. LPL in recent months has been adding high-net-worth services for their advisors to use for their clients. The firm in May tapped eMoney to provide a financial planning tool and in February partnered with Subscribe to launch an alternative investments platform. That same month, LPL added a business exit-planning service. About one-third of LPL's 29,493 advisors have at least one high-net-worth client, which the firm defines as an individual with $10 million to $20 million to invest, according to Jambusaria. For those clients, banking and lending capabilities "go hand-in-hand" with their advisor relationship, she said.

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