LPL launches new tax planning, outsourced CFO solutions for advisors

LPL launches new tax planning, outsourced CFO solutions for advisors
Solutions means advisors can keep services in-house rather than referring out.
OCT 26, 2023

LPL Financial is empowering its advisors to retain tax planning business in-house rather than referring clients to external services – and to leverage an outsourced CFO in their business.

The firm’s newest Tax Planning Service links advisors with LPL’s tax planning specialists to enable them to identify clients who would benefit from the service, provide deep analysis of those clients’ tax situations, and help them to maximize investments and improve tax outcomes.

It means that advisors can expand their service offering to include sophisticated tax planning without hiring in-house specialists.

“LPL’s Tax Planning Services can serve as an extension of the advisor’s team,” said Kraleigh Woodford, LPL, senior vice president, planning and advice services. “We believe that there is an opportunity for financial advisors to differentiate themselves by offering in-depth strategies that can proactively preserve and enhance client portfolios. With Tax Planning [Services], advisors can now confidently deliver customized tax analysis and planning services to clients directly, instead of referring tax-related issues to accountants or other tax specialists.”

The services offered scale from answering technical tax questions through to detailed, customized tax planning scenarios and one-to-three year illustrations.

“We believe advisors who can increase their value proposition and offer a one-stop-shop solution can ultimately strengthen client outcomes and enhance overall satisfaction,” added Woodford. “Tax Planning Services can also be combined with other Business Solutions to strategically build a compelling business case that can attract new clients for advisors and improve their existing client relationships.”

CFO SOLUTION

The second announcement from the firm this week is an outsourced CFO solution.

CFO Essentials gives growing advisors and firms access to executive-level strategic counsel including individualized financial benchmarking, budgeting, and forecasting strategies provided by experienced financial professionals.

LPL already offers a premium service designed for complex practices, but the new offering is a lower cost option for advisor businesses at all stages.

“The success of the CFO Premium solution led to the introduction of CFO Essentials as an alternative for those financial professionals who want access to an accountability partner to help them grow and scale their business, but don’t require the full scope of services CFO Premium provides,” said executive vice president, LPL Business Solutions, Joe Lanser. “By streamlining the services into the CFO Essentials package, we can offer greater accessibility to a wider range of businesses that affiliate with LPL.”   

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.