LPL Financial has expanded its use of Amazon Business to support the purchasing needs of its financial advisors across the United States. The partnership aims to provide LPL’s network of over 29,000 financial advisors and approximately 1,200 affiliated financial institutions with access to a broad range of products through Amazon Business’s online business-to-business platform.
Amazon Business offers organizations an experience similar to the consumer side of Amazon, with a focus on streamlining procurement processes. Since its launch in 2015, Amazon Business has grown to serve more than eight million customers globally and drives over $35 billion in annualized gross sales. Its customer base includes major corporations such as 97 out of the Fortune 100 companies.
The service allows LPL Financial advisors to purchase items ranging from office supplies to janitorial equipment through a single platform that connects them with hundreds of thousands of suppliers. The goal is to ensure fast and reliable delivery for advisor offices nationwide.
“This relationship with Amazon Business is a great example of how LPL can bring its scale to support our independent advisor community,” said Kimberly Sanders, Head of Business Solutions at LPL Financial. “It provides a simpler, more cost-effective way to purchase everything from IT equipment to the office essentials needed to enhance their client experience.”
Amazon Business provides features tailored for organizational needs, including multi-user accounts, custom approval workflows, tax-exempt purchasing options, and consolidated invoicing. The system also helps streamline receiving operations by consolidating shipments.
“Financial services firms like LPL Financial run on precision and trust — and their procurement operations should too. Amazon Business delivers a streamlined experience that empowers advisor offices to get what they need, when they need it, all through a familiar and scalable product,” said Brenda Spoonemore, Vice President at Amazon Business.
For larger organizations like LPL Financial, Amazon Business offers tools for oversight and control across procurement processes as workforces expand or diversify. Its analytics capabilities help optimize decentralized purchasing management.
Business Prime membership further enhances these offerings by providing fast shipping on millions of items along with analytics tools designed for spending controls.
Amazon Business continues developing new technologies such as AI-powered data analytics tools aimed at making business buying more efficient. Features like Guided Buying allow organizations to align purchases with company goals by setting preferences for certain products or suppliers.
Amazon Business operates in ten countries worldwide including Canada, France, Germany, India, Italy, Japan, Mexico, Spain, the United Kingdom, and the United States.
More information about Amazon Business can be found at its Storefront (https://www.amazon.com/business), Blog (https://business.amazon.com/en/blog), or Twitter account @AmazonBusiness (https://twitter.com/AmazonBusiness).
