LPL Financial Expands Alternatives Business with SS&C Technologies
LPL Financial Expands Alternatives Business with SS&C Technologies
SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) is excited to announce its collaboration with LPL Financial Holdings, Inc. (NASDAQ: LPLA). This partnership aims to support LPL Financial as it continues to evolve and enhance its retail alternatives business. The financial landscape is continuously changing, and LPL is committed to providing innovative investment solutions to its advisors and clients.
Enhancing the Alternative Investment Experience
With the launch of LPL Alts Connect, LPL Financial is significantly improving the alternatives investment experience for its network of financial advisors. Cheri Belski, Executive Vice President and Head of Investment Management Solutions for LPL, shared insights into the ongoing enhancements to their offerings. The integration of SS&C's ALTSERVE™ platform will facilitate better back-office functions and lead to standardized data feeds, ensuring that LPL can support a broader range of alternative investments.
Streamlined Operations for Financial Advisors
As part of this integration, LPL intends to simplify many of the more complex processes involved in managing alternative investments. Some of the anticipated improvements include:
- Greater ability to onboard and transition various alternative investment positions within LPL custody.
- Increased capability for transferring positions across both taxable and tax-exempt registrations.
- Faster processing for subscriptions, redemptions, transfers, and capital calls.
- Enhanced accuracy in position valuations and reconciliations on LPL's account management platform.
According to Nicole Greene, Head of Global Investor and Distribution Solutions, U.S., SS&C is well-equipped to support LPL in this endeavor. Their expertise in alternative investment processing is a significant asset as LPL continues to build its alternatives business.
About LPL Financial Holdings
LPL Financial is among the fastest-growing wealth management firms in the U.S., supporting approximately 29,000 financial advisors and managing around $1.7 trillion in assets. Through various affiliated models and investment strategies, LPL provides essential tools and services to ensure that financial advisors can thrive in their practices. The firm's commitment to providing a flexible business model empowers its advisors to focus on delivering exceptional service to clients.
Commitment to Innovation
The partnership with SS&C Technologies represents LPL’s dedication to continuous improvement and innovation in the financial services sector. By harnessing technology, LPL is well-positioned to adapt to market demands and meet the evolving needs of their advisor network.
A Glimpse into SS&C Technologies
Founded in 1986, SS&C Technologies operates globally, delivering services and software tailored for the financial services and healthcare industries. Their extensive client base ranges from large corporations to small companies, all benefiting from their innovative solutions and expert knowledge.
Why this Partnership Matters
The synergy between SS&C and LPL Financial is not merely a mutual agreement; it reflects a shared vision of enhancing investor and advisor experiences. This partnership signifies a strategic move towards more efficient operations within the financial advisory landscape, which ultimately benefits the end clients.
Frequently Asked Questions
What is the primary focus of the collaboration between LPL and SS&C?
The collaboration primarily focuses on enhancing LPL's retail alternatives business through improved back-office functions and streamlined operations.
How will the integration of SS&C’s ALTSERVE™ benefit LPL?
The integration will streamline processes related to alternative investments, helping LPL manage a broader range of products with improved efficiency.
Who is the target audience for LPL Financial's services?
LPL Financial targets financial advisors and their clients, offering them a suite of investment and business solutions.
What kind of assets does LPL Financial manage?
LPL Financial manages approximately $1.7 trillion in brokerage and advisory assets on behalf of millions of individuals.
How does SS&C Technologies support financial services?
SS&C Technologies provides essential software and services that help financial services firms manage their operations efficiently and effectively.
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