LPL lays out timetable for robo-platform

Firm hopes to roll out full version to advisers before next annual conference in July

Oct 27, 2015 @ 7:52 pm

By Alessandra Malito

LPL Financial is preparing to put its pilot robo-program to the test with a beta version for advisers coming out in the first quarter of next year, the broker-dealer announced during one of its RIA conferences in Miami on Tuesday.

Ryan Parker, managing director of investments and planning solutions for LPL, said the firm is setting its sights on rolling out the full version before its annual conference in July.

The news comes three months after the broker-dealer announced at its annual conference, LPL Focus, this summer that it was launching a pilot program. The pilot program involves 20 advisers to help lay out the requirements for what makes a successful, and helpful, robo platform, Mr. Parker said. The beta version will be the coded result of those ideas.

LPL said its platform will complement its advisers' practices, and will be integrated with its custodial platform.

The robo-adviser will be affiliated with a third-party platform, yet to be announced, and offer low-cost exchange-traded-fund portfolios.

[Correction: An earlier version of this story misinterpreted the stages of LPL's robo process. The pilot program is the first stage, which is under way, with ideas from it to be incorporated into the beta version, which LPL announced Tuesday would be coming out in the first quarter of 2016.]

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Financial health of advisory firms is excellent. Or is it?

Deputy editor Bob Hordt and senior columnist Jeff Benjamin discuss the fact that double-digit growth in revenue and assets doesn't necessarily spell a rosy future.

Latest news & opinion

Don't be fooled by the numbers — the industry is in a dangerously vulnerable state

Last year's stock market gains helped advisers turn in solid growth in assets and revenue, but that growth could disappear in the next market downturn.

Divided we stand: How financial advisers view President Trump

InvestmentNews poll finds 49.2% approve of his performance, while 46.7% disapprove. How has that changed over the course of his presidency?

10 states with the most college student debt

Residents of these states have the most student debt when you consider their job opportunities.

Ex-Wells Fargo brokers sue for damages, claiming they lost business in wake of scandals

In a Finra arbitration complaint, two brokers allege that Wells Fargo's problems damaged their business.

Invesco to buy OppenheimerFunds

Deal brings Invesco another $246 billion in assets, as well as high-fee actively managed funds.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print