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LPL Financial Empowers Advisors with Fee-for-Service Financial Planning Through AdvicePay

LPL Financial, a leading independent broker-dealer serving over 23,000 diverse financial professionals, is committed to providing the industry’s best planning experience for institutions, advisors, and clients. In 2019, they sought to enhance their advisor capabilities and streamline their fee-for-service financial planning processes. By partnering with AdvicePay, LPL has doubled its financial planning revenue within three years.

The Challenge

LPL recognized the growing demand for fee-for-service models among advisors and clients but faced challenges with manual billing and payments. Paper checks were time-consuming, prone to errors, and created a less-than-ideal client experience. This hindered LPL’s ability to offer ongoing fee-for-service financial planning engagements and fully capitalize on the demand for these services.

The Solution

LPL needed a partner who could integrate with their existing systems and a team who understood the nuances of the wealth management industry. After evaluating various options, like other technology providers and building a solution themselves, LPL partnered with AdvicePay to offer a comprehensive solution that includes:

  • Automated billing and payments: Streamlined process for home office, advisors, and clients
  • Integration with existing systems: Smooth workflows and minimized disruption
  • Compliance oversight: Adherence to industry regulations
  • Tailored solutions: Configuration specific to LPL’s specific needs and goals 
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Implementation Process

Phase 1: LPL and AdvicePay worked together to enable automated billing and payments via ACH and credit card, ongoing payments, and single sign-on into their advisor platform.

Phase 2: LPL is currently expanding its use of AdvicePay to enable an end-to-end fee-for-service workflow. This includes eSignature, invoicing, payment, and plan tracking.

The Results

LPL’s partnership with AdvicePay has transformed its fee-for-service planning offering, enabling the firm to provide a more efficient, transparent, and future-proof experience for advisors, institutions, and clients.

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Revenue Growth

The streamlined fee-for-service offering drives revenue growth at LPL, doubling financial planning revenue in 3 years

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Efficiency

Advisors save time and effort with automated processes, increasing efficiency and advisor satisfaction

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Client Experience

LPL now delivers a modern, transparent payment experience that exceeds client expectations

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Industry Leadership

LPL has solidified its position as a leader in fee-for-service financial planning

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The one change that doubled LPL’s financial planning revenue

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“Thanks to AdvicePay and education on fee-for-service, LPL advisors have doubled their financial planning revenue over the past three years. Our internal analysis consistently shows that advisors who engage in financial planning and charge for that advice grow twice as fast as their peers."
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Erik Smith, CFP®
VP Product Management, LPL Financial

Key Takeaways

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Technology is a differentiator

AdvicePay’s technology enabled LPL to provide a superior service fee-for-service offering

Technology is a differentiator AdvicePay’s technology enabled LPL to provide a superior service fee-for-service offering
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Strategic partnerships

Collaborating with technology providers who understand the industry is crucial to success

Strategic partnerships Collaborating with technology providers who understand the industry is crucial to success
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Fee-for-service is a growth driver

The subscription model is gaining popularity, especially among younger advisors and clients. LPL’s internal analysis consistently shows that advisors who engage in financial planning and charge for that advice grow twice as fast as their peers.

Fee-for-service is a growth driver The subscription model is gaining popularity, especially among younger advisors and clients. LPL’s internal analysis consistently shows that advisors who engage in financial planning and charge for that advice grow twice as fast as their peers.
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Clients demand fee transparency

Clients value fee transparency and are willing to pay for advice

Clients demand fee transparency Clients value fee transparency and are willing to pay for advice