Amazon announced in a press release that LPL Financial has expanded its use of Amazon Business, making the platform available to financial advisors nationwide for key business purchasing needs.
The independent wealth management industry has been expanding steadily as more investors seek advisory services from independent firms. According to Cerulli Associates, U.S. wealth management assets reached $128 trillion in 2023, with the independent registered investment advisor (RIA) segment growing faster than wirehouses. This trend highlights why firms like LPL Financial are adopting technology-driven solutions such as Amazon Business to increase efficiency and competitiveness across a decentralized advisor base.
Amazon Business has become a major player in global business-to-business (B2B) e-commerce by focusing on scale and efficiency. According to Digital Commerce 360, the platform drives over $35 billion in annualized gross sales and serves more than 8 million customers worldwide. Its client portfolio includes 97 of the Fortune 100 companies, underscoring its adoption among the largest global enterprises and reinforcing its role as a procurement backbone for industries ranging from healthcare to financial services.
LPL Financial is one of the largest independent broker-dealers in the U.S., supporting approximately 29,500 financial advisors and 1,200 financial institutions. According to LPL, the firm oversees around $1.8 trillion in advisory and brokerage assets and serves over 7 million client accounts nationwide. The firm’s decision to expand its procurement partnership with Amazon Business allows advisors to spend less time on administrative functions and more time focusing on client engagement and financial planning.
Amazon Business, launched in 2015, tailors Amazon’s e-commerce model to organizational procurement needs across industries. According to Amazon, it operates in 10 countries, offering features such as multi-user accounts, approval workflows, tax-exempt purchasing, and analytics-driven spending controls. With its ability to consolidate complex supply chains into a single interface, Amazon Business has become a strategic partner for enterprises worldwide and a critical component of Amazon’s long-term growth strategy.
