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

SEC Says Game Service Roblox Part of ‘Active Investigation’
SEC Says Game Service Roblox Part of ‘Active Investigation’

Short sellers previously said the company was under investigation, though Roblox denied allegations.

Musk’s DOGE descends on CFPB with intention to shut it down
Musk’s DOGE descends on CFPB with intention to shut it down

The Consumer Financial Protection Bureau is in the crosshairs of the Republican group that is widely attempting to dismantle government agencies.

Advisor fighting Finra banishment loses $17.7 million dispute with old firm
Advisor fighting Finra banishment loses $17.7 million dispute with old firm

National Securities Corp. sued the advisor in 2020, alleging breach of contract and unjust enrichment.

Job numbers, inflation leaving room for Fed to hold rates
Job numbers, inflation leaving room for Fed to hold rates

Recent data support a measured pace by the Federal Reserve for the year ahead.

Private assets remain hot despite surging stock market
Private assets remain hot despite surging stock market

Financial advisors are still adding alternatives despite the surge in publicly traded stock prices

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.