LPL to Leverage BlackRock’s FutureAdvisor Platform

The collaboration with FutureAdvisor will accelerate the development of LPL’s robo-advice solution.

LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc., announced it will use BlackRock Solutions’ FutureAdvisor platform to support a digital advice platform for use by LPL’s financial advisers and institutions and their clients.

LPL’s adviser-intermediated digital advice solution will be designed to provide LPL’s financial advisers and institutions with a technology-enabled, low-cost investment platform that can enhance investor experience and adviser productivity and provide more opportunities for advisers to grow and expand into new markets, the company said.

The platform, which will be accessible through a web portal, will also be integrated with LPL’s custodial platform. The solution will feature access to the LPL research department’s model investment portfolios, and will incorporate the following technology-enabled advice capabilities from Future Advisor: management of investor accounts in alignment with LPL’s model portfolios, aggregation of outside accounts, tax-efficient portfolio management, an investor portal and online account enrollment.

“We are excited to collaborate with FutureAdvisor to accelerate the development of our robo-advice solution, which we believe will enable our advisers and institutions to serve a variety of clients with independent, objective financial advice in a convenient and scalable manner,” says Ryan Parker, managing director of investment and planning solutions for LPL. “The new solution will complement advisers’ existing practices and expand the availability of their services to current or potential clients who may prefer a digital alternative to the traditional method of receiving investment advice.”