LPL Financial has been rolling out sustainable investing (SI) products and more than half of its advisors already have clients invested in them, although it’s still a fraction of the number of its advisors’ overall accounts, according to a recent report from the company.
As of June 30, LPL offered SI solutions across 181 mutual funds, 57 exchange-traded funds, 15 separately managed accounts and two managed models, LPL says in its report.
Around 9,000 of LPL’s 16,109 financial advisors had more than 100,000 clients who have invested more than $3.5 billion in these products as of the end of June, the company says. In all, LPL’s advisors manage around 5.4 million client accounts, according to the report.
But LPL has been taking other steps to embrace more sustainable and diverse business practices. Women currently make up a third of LPL’s directors, while 563 managers have completed the company’s harassment prevention training, LPL says.
The company also contributed more than $500,000 to nonprofits while more than 1,300 of its employees contributed more than 11,500 hours of volunteer time in 2018, according to the report.