LPL Boosts Tax Capabilities for Advisors With Holistiplan

"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.

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