LPL Financial has selected SmartAsset, a platform provider that connects advisers and investors, for inclusion in the LPL Vendor Affinity Program (VAP).

The Vendor Affinity Program, launched in July 2015, consists of a centralized repository of vendors that have agreed to provide their products and services to LPL advisers at discounted prices.

As of June 8, more than 18,000 independent financial advisers affiliated with LPL will be able to utilize SmartAsset’s SmartAdvisor platform, which connects validated consumer prospects with fiduciary financial advisers in markets across the U.S.

As explained by Rob Pettman, LPL Financial executive vice president, wealth management solutions, VAP is designed to help advisers reduce the complexity and costs of running their business. Vendors are selected for inclusion in the program based on adviser demand, the ease of using their product or service, and their ability to meet LPL’s security and compliance requirements, he says.

“As the need for digital marketing solutions increases, we recognize the value that a tool such as SmartAsset can be to advisers looking to grow their practice,” Pettman says. “SmartAsset gives them a new way to connect with investors across the country, digitally, while also freeing up time to spend with their existing clientele.”

Michael Carvin, founder and CEO of SmartAsset, says his organization is “thrilled” to be added to the LPL Vendor Affinity Program.

“We’re seeing a major shift in the way advisers grow their business, as more individual RIAs [registered investment advisers] and firms turn to digital marketing channels to boost investor prospecting and, in turn, growth,” he says.

Carvin says the average SmartAdvisor validated investor is about 57 years old and has investable assets of $890,000. In this group, 76% reported that they do not currently have an adviser, while approximately 70% are retired or less than 10 years from retirement.

According to the firms’ joint announcement, LPL Financial-affiliated advisers will also have the opportunity to utilize SmartAsset’s Live Connections service. Exclusively available to advisers on the SmartAdvisor platform, Live Connections is billed as “a new way of delivering high-intent, validated consumer prospects via a warm phone transfer to RIAs and firms to meet today’s on-demand expectations.”

Carvin says Live Connections can reduce advisers’ marketing burden by eliminating the time they spend prospecting, contacting and following up with consumers.

More information about the prospecting solution is available here: https://smartasset.com/financial-advisor/about.