LPL Financial is pushing to expand services for high-net-worth clients. In the company's most recent move, its wholly owned Private Trust Co. subsidiary has announced strategic plans to build on its rapid growth of 25% over the last three years.
Classic investment style boxes are out and themes are in, Burt White, LPL Financial's managing director of research, told advisors.
The Cleveland-based Private Trust Co. has added two executives and plans to work more with independent advisors affiliated with LPL.
In the aftermath of a suit filed by Massachussets, LPL has reined in sales of nontraditional mutual funds.
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