Wealth management industry behemoth LPL Financial LLC announced the launch of LPL Alts Connect, a full-service platform designed to streamline the way financial advisers and their clients access and manage alternative investments.
As the company described, LPL Alts Connect is a centralized, digitized system that streamlines the purchasing process and provides tools such as prequalification, e-signature capabilities, and the ability to send sales kits directly to clients. The platform complements an expanding product set that includes an array of prominent funds giving advisers more optionality to build diversified, non-correlated portfolios.
Powered by SUBSCRIBE, LPL Financial said the solution allows advisers in independent practices and institutions like banks and credit unions to better meet the increasingly complex planning needs of high-net-worth and ultra-high-net-worth investors.
“With the launch of our new alternative investment platform, advisors have access to a shelf of tailored, institution-caliber opportunities that are aligned to the needs of high-net-worth and ultra-high-net-worth clients and designed to set advisers apart from the competition,” said Cheri Belski, executive vice president and head of investment management solutions for LPL. “As the expectations of investors continue to evolve, this platform will arm advisers with more sophisticated ways to serve their clients.”
Key features of LPL Alts Connect include e-signature capability for streamlined transactions; real-time order status updates on a user-friendly dashboard; a centralized platform for all alternative investment purchases; fund information available at a click, with no permission required; and shorter turnaround times, with an average of under 14 days compared to 40 days previously.
In conjunction with this launch, LPL said it has enhanced its middle office services through a relationship with SS&C. SS&C ALTSERVE improves custodial and reporting services, offering faster turnaround times for transitioning alternative investments between firms. LPL has also formed a dedicated team to support and educate advisors on these new services, rounding out their support in the alternative investment space.
As part of LPL’s commitment to providing a comprehensive alternatives menu, LPL is expanding its long-standing relationship with iCapital to offer a suite of alternative investment products to LPL’s network of advisers and affiliated firms. This collaboration welcomes a tailored selection of iCapital’s funds to LPL’s curated menu alongside their market-leading diligence.
LPL Alts Connect is just the latest of the firm’s efforts to expand its platform. In 2024, it invested approximately $500 million in technology innovation and infrastructure enhancements to impact more than 250 adviser, institution and end-client experiences, while also enabling strategic integration with Prudential Financial – a partnership The DI Wire first reported in August 2023 where the entirety of retail and registered investment advisory assets of Prudential’s advisers transferred from Fidelity National Financial Services to LPL Enterprise LLC, an affiliate of LPL Financial Holdings.
LPL Financial Holdings Inc. serves nearly 29,000 financial advisers nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled $1.7 trillion as of Dec. 31, 2024.
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