LPL Expands Custodial Service for Fee-Only Advisors
June 16, 2021 By Jeff Berman, ThinkAdvisor Although LPL Financial has been in the RIA custody business since 2008, the company is now expanding that offering and will position it as a concierge, “white-glove”-type service, according to Marc Cohen, executive vice president of LPL’s advisor business. To help communicate what it is offering, “we’re going to be expanding our marketing efforts,” he told ThinkAdvisor in a phone interview on Tuesday. “It’s imminent. We’re in the midst of that launch right now” and will be “participating in more events [and] placing advertising” for the custodial offering as part of that push, he said. Earlier this year, LPL hired a dedicated custodial sales team, he said. Up until now, LPL’s custodial business has been mainly focused on supporting the hybrid advisory business of its registered representatives. However,...
