LPL Financial has introduced its Resilience Plan, the seventh offering in its Business Solutions suite, which will allow advisors to take a short-term leave of absence while the firm’s in-house team services their clients.
Under the new program, LPL-affiliated advisors can pay a monthly fee, which LPL declined to disclose, to receive the service. Participants can take up to nine months’ leave of absence for family or medical reasons, such as parental leave, personal illness or injury, and have business continuity while they’re away.
“More than ever, we see a critical need to support the ongoing health and well-being of our advisors,” said Matt Enyedi, LPL Financial managing director, Business Solutions, in a statement. “The Resilience Plan gives financial advisors, including new parents looking to take maternity and paternity leave, the peace of mind and the security of knowing their business and their clients are being well-cared for during their leave.”
The advisor’s clients will be serviced by the same in-house licensed registered representatives that are currently supporting LPL’s Assurance Plan, which serves as a sort of “stopgap” in lieu of a formalized succession plan, ensuring that client assets will be protected even if a principal dies. The in-house team will provide a range of services to clients during the leave period, including account management, trade support and annual reviews.
The Resilience Plan also includes M&A Solutions, launched earlier this year; the Assurance Plan; Administrative Solutions; Marketing Solutions; CFO Solutions; and The Digital Office, which is focused on technology/cybersecurity.
The firm’s business solutions portfolio, launched over two years ago, is a suite of services that advisors can outsource to LPL experts for a monthly subscription fee, including consulting on business growth and strategy. At the end of the fourth quarter 2020, Business Solutions had 1,400 monthly subscriptions, double the level it was a year ago.