LPL Launches Dedicated Bookkeeping Service for Financial Advisors

Retail financial advisory firm and independent broker-dealer LPL Financial is now offering a dedicated bookkeeping service to its affiliated financial advisors.

With its new Bookkeeping Services offering, LPL can pair its advisors with bookkeepers who have been trained in the industry and understand the needs of the advisors’ business, the company said Thursday (Sept. 29) in a press release.

“We recognize the complexity of our advisors’ work and the time commitment required to maintain books with precision,” LPL Services Group Executive Vice President Aneri Jambusaria said in the release. “Our new service is designed to save advisors time with accurate reporting conducted by a bookkeeper who is well versed in LPL and wealth management best practices.”

The service provides LPL-affiliated advisors with dedicated support, records and categorizes their financial data, and provides up-to-date reporting based on their commission statements, according to the press release.

The bookkeeping service joins other services LPL offers to help its advisors run their business, with other recent additions being a paraplanning service and a program that provides advisors with access to a curated group of companies that can help them serve high-net-worth clients, the release stated.

“Whether needing to build financial reporting for the first time, transitioning bookkeeping responsibilities or seeking inorganic business growth, we believe that LPL-affiliated advisors at all stages of business can benefit from this service,” Jambusaria said of the new bookkeeping offering.

PYMNTS research has found that “a surprisingly sizeable number” of financial institutions’ customers who use digital payment tools are more than willing to seek in-branch, in-person, customized advice and counsel for their more complex transactions.

Read more: Customers Turn to FIs That Deliver Hybrid Financial Wellness Solutions

The financial institutions that will not only survive but thrive are those that can forge long-term bonds with their customers by offering cutting-edge mobile and online digital payment technologies while integrating the human touch as part of a holistic, customer-focused experience, according to the “Digital-First Banking Tracker,” a PYMNTS and NCR collaboration.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.