For fintech inspiration, LPL turns to Acorns, not Betterment

For fintech inspiration, LPL turns to Acorns, not Betterment

LPL isn’t shying away from the task of building up a new technological foundation for a fiduciary-focused, digital advice era.

The largest independent broker-dealer spent $77 million last year on technology upgrades alone, an effort that includes developing a digital advice platform with BlackRock’s FutureAdvisor, transitioning to a new advisor and client management platform and launching a mobile app for clients to connect and interact with advisors.

But even though LPL envisions a future where advisors are using automation and behavioral management alongside portfolio and planning services, its top technology executives say robo advisors like Betterment or Wealthfront aren’t sources of inspiration.

“We’ve looked at market and are trying to think much further out, to develop something much more different and unique,” says Chris Paul, LPL’s senior vice president of technology.

As muses, Paul cites the new breed of microinvesting and PFM applications aimed at millennials, including Acorns and Trim, a bot that manages subscriptions, sends spending alerts and checks bank balances.

 

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Source: For fintech inspiration, LPL turns to Acorns, not Betterment | Financial Planning

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