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Financial Planning > Tax Planning

LPL Boosts Tax Capabilities for Advisors With Holistiplan

By Jeff Berman

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What You Need to Know

  • As part of a new deal, LPL advisors are getting discounted access to the Holistiplan tax platform.
  • LPL's 21,000 advisors are also getting access to the software firm's ongoing training and best practices.
  • LPL sees access to Holistiplan's software as a first step to helping its advisors better plan for client needs.

As part of LPL Financial’s vendor affinity program, it selected Holistiplan to provide LPL’s almost 21,000 advisors with enhanced tax planning capabilities, the companies said Thursday in a joint announcement.

Under the partnership, LPL advisors are getting discounted access to the Holistiplan platform in addition to ongoing training and best practices, the firms said.

Holistiplan says its software was developed to “systematize and automate the process of reviewing” clients’ tax returns to find potential planning opportunities.

“Our technology will allow both advisors new to tax planning and tax planning experts to have better conversations with their clients and to provide additional value to all of their clients quickly, uniformly and efficiently,” according to Roger Pine, Holistiplan CEO, CFP and co-founder of Holistiplan.

“We believe comprehensive wealth management planning includes tax planning,” Robert Pettman, LPL executive vice president of Wealth Management Solutions, said in a statement.

“Providing best-in-class tools such as Holistiplan helps advisors differentiate their tax-related offering,” he said. “We view this access to Holistiplan’s software as a first step to helping advisors better plan for their clients’ needs. The platform’s automated processes should also give advisors more time to focus on building their clients’ comprehensive wealth management plans.”

LPL supports about 1,100 institution-based investment programs and approximately 500 independent RIA firms across the U.S., it said. Over $1 trillion in brokerage and advisory client assets are serviced or custodied by LPL, according to its website.

Holistiplan launched its tax planning software in July 2019. Since then, the company said it’s added more than 13,000 users from across the U.S. The software was specifically designed for financial planners and investment advisors to systematize and automate the process of reviewing a client’s tax return to find any planning opportunities, the firm says.

Holistiplan uses optical character recognition to read uploaded tax returns and generate client-ready reports that find potential financial planning opportunities via an algorithmic program, according to the company. Planners and advisors can then run several scenarios to forecast future outcomes.

(Image: Shutterstock)

Jeff Berman

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