Scale has its benefits, and LPL Financial, now with some 16,000 advisors, is taking advantage of it. RightCapital, which provides a financial planning software to advisors, has joined LPL Financial’s Vendor Affinity Program, a centralized repository of vendors who offer their tools to LPL advisors at a discount.
In order to qualify for the program, vendors must have a good rapport with the firm’s reps, and the tech must be user-friendly and meet security and compliance requirements.
LPL is not the first independent broker/dealer to partner with RightCapital. In November, Commonwealth Financial Network said it chose to partner with the startup as its enterprise planning solution. It will integrate with Commonwealth’s technology platform, Client360°, which has a long and well-established reputation for bringing a tight integration between its technology partners and that of the IBD.
RightCapital’s program brings unique functions around planning for tax-efficient retirement income withdrawal strategies, with Roth IRA conversions, and a Medicare module. It also integrates tax, investment, insurance, college planning and budgeting into a modern client portal.