iCapital1, the global fintech platform driving the world’s alternative investment marketplace for the wealth and asset management industries, announced the expansion of its relationship with LPL Financial, the largest independent broker-dealer in the United States2. The expanded relationship will provide LPL advisors with access to a curated menu of alternative investment products tailored for LPL advisors and their clients, further enhancing their ability to integrate private markets allocations into client portfolios.
With this announcement, this strategic collaboration now extends beyond structured investments to alternative investments such as hedge funds and private equity. In addition to the comprehensive investment menu, this expansion includes a dedicated distribution relationship, ensuring LPL advisors receive tailored support for both structured investments and alternatives. This is part of LPL’s exclusive agreement with iCapital to offer access to iCapital feeder funds.
“Our long-standing partnership with LPL has been extremely successful in delivering access to structured investments for their advisor base, and we are thrilled to extend this collaboration into alternative investments,” said Steve Houston, Managing Director and Co-Head of iCapital Solutions. “As advisors seek to build more diversified portfolios amid increased market volatility, our expanded relationship provides LPL advisors with sophisticated investment opportunities to serve their clients effectively.”
LPL and iCapital began working together in 2019, with LPL leveraging the iCapital Structured Investments platform to facilitate all structured investment transactions. LPL advisors are provided with a complete view of the structured investment lifecycle through a seamless integrated experience. As of January 2025, over 4,000 LPL advisors engage with iCapital monthly to conduct structured investment business.
“We are excited to build on our established relationship with iCapital by broadening advisor access to a wider range of investment solutions,” said Cheri Belski, Executive Vice President and Head of Investment Management Solutions for LPL. “This expansion aligns with our mission to empower advisors and represents a new and exciting milestone in our evolution of LPL’s alternative investment solution for advisors.”
1. iCapital, Inc., and its affiliates (together, “iCapital”)
2. As reported by Financial Planning magazine, 1996-2024, based on total revenue.
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iCapital and LPL Financial are separate entities and not affiliated.
