LPL Adds SMAs to Wealth Management Platform

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What would you like to know

  • LPL made ADMs available on its MWP platform last week.
  • The company is now testing them and will start rolling them out to more advisors by the end of the year.

LPL Financial has started adding Separately Managed Accounts (SMA) to Model Wealth Portfolios (MWP), its main advisory platform. This means advisers can combine multiple types of investment in a single account, which the company revealed at its Focus 2021 conference on Thursday.

With this enhancement, MWP will become a unified managed account platform, giving advisors the ability to design portfolios in different ways to tailor them to each client’s individual needs, depending on the company.

LPL made some SMAs available on the MWP platform last week, Robert Pettman, executive vice president of wealth management solutions at LPL Financial, told ThinkAdvisor on Thursday.

“We are currently testing them” with advisors who are already using ADMs and “we will deploy them to advisors throughout the year,” he said, adding, “We will do it in waves and all advisers have access to it by the end of the year. The company will then continue to “invest and increase our capacity there”.

The SMA plan, Pettman said, is “committed” to LPL’s plans to spend more than $ 1.3 billion this year on investments in key areas such as technology and other efforts to support advisor growth, which were announced a day earlier, the first day of Focus.

LPL “is investing a considerable amount in its consulting platforms,” ​​he said, noting that the company had already made several announcements regarding platform enhancements this year ahead of the conference.

Earlier this year, LPL introduced Firm Sleeve, its proprietary investment management solution which it said had already surpassed $ 3.4 billion in assets, demonstrating the value of a personalized investment management solution. Built within LPL’s centrally managed MWP platform, Firm Sleeve provides scalable, digital and flexible solutions for large enterprises, RIAs and institutions.

The combination of Firm Sleeve and Advisor Sleeve, the technology solution introduced by LPL in 2019, designed to help advisors gain scale and efficiency in their consulting practices while expanding the functionality that LPL can offer by enhancing its platform wealth management for the future, recently hit $ 9.1 billion in assets, Pettman noted.


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