LPL is rolling out a digital investment advice service through FutureAdvisor, an online platform owned by BlackRock.

LPL Financial has chosen BlackRock Solutions' FutureAdvisor platform to power its new digital advice platform.

It will provide LPL's financial advisors and institutions with a low-cost investment platform that the firm said will create more opportunities for advisors to grow and expand into new markets, among other benefits.

“The new solution will complement advisors' existing practices and expand the availability of their services to current or potential clients who may prefer a digital alternative to the traditional method of receiving investment advice,” said Ryan Parker, managing director of investment and planning solutions at LPL. 

The platform, accessible through a web portal, will also be integrated with LPL's custodial platform. It will incorporate the following advice capabilities from FutureAdvisor: management of investor accounts in alignment with LPL's model portfolios; aggregation of outside accounts; tax-efficient portfolio management; an investor portal and online account enrollment.