LPL finally unveiled its robo advice platform today, but instead of an in-house developed platform, it will use BlackRock's robo solution.
“We are excited to collaborate with FutureAdvisor to accelerate the development of our robo advice solution, which we believe will enable our advisors and institutions to serve a variety of clients with independent, objective financial advice in a convenient and scalable manner,” said Ryan Parker, managing director of investment and planning solutions for LPL, in a statement.
LPL stated that the digital advice platform will be accessible online and integrated its custodial platform. The company did not state what account minimums or fees would be attached to the robo offering.
Terms of the deal with BlackRock were not released with the initial statement.
The addition of the country's largest independent broker dealer network demonstrates how much value BlackRock has been able to create out of its $152 million deal for Silicon Valley-startup FutureAdvisor last August.
In February, RBC Wealth Management partnered with BlackRock to add robo tools for its 1,900 advisors.
In early January, BlackRock and FutureAdvisor inked a deal to provide digital advice capabilities to BBVA Compass and by the end of the month BlackRock had another robo agreement with Danish investment bank Saxo Bank.
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