At its annual Focus conference, LPL Financial LLC shared its
priorities for helping financial advisors and financial
institutions advance their businesses by providing personalized
support that enables custom client experiences, building flexible
operating environments by leveraging innovative technology, and
supporting advisors’ growth and legacy planning.
“Being the best firm in our industry at helping clients define
and maximize their success throughout their business lifecycle. For
all of us at LPL, that’s our very clear vision for the company’s
success,” said Rich Steinmeier, chief growth officer, LPL
Financial, speaking here today at Focus 2024, one of the industry’s
largest in-person gatherings of financial advisors.
In detailing the company’s investments that serve to help LPL
clients run thriving businesses, LPL announced today an expanded
suite of business solutions, designed to help financial advisors
and institutions more effectively manage and grow their wealth
management practices. The suite, which has grown from three to 14
services over the past six years, is expected to reach 20 by
year-end, and includes services co-designed with advisors to
address common challenges.
The Build Your Extraordinary Business study by LPL revealed
that top-performing advisors often share the same strategies for
exceptional business outcomes. The research highlighted that the
most successful 10% of LPL advisors, who typically partner with LPL
for support with at least two core functions like marketing or
administration, work similar hours to their peers but earn three
times more revenue.1
“We have an incredible opportunity in wealth management not only
to deliver sound advice but also to do so in ways that deliver
long-lasting positive effects that contribute to local economies,
support communities, inspire the next generation and enable
thriving businesses that fortify Main Streets far from Wall
Street,” said Aneri Jambusaria, managing director of LPL Business
and Wealth Solutions, to nearly 9,000 Focus 2024 attendees.
The company outlined the following differentiated ways that LPL
is uniquely serving clients to help them excel at their multiple
roles.
LPL’s New Payroll and HR Solutions Streamline Talent
ManagementHuman resource and talent issues are often top
of mind with business owners, which led LPL to create new services
to meet the growing need for foundational HR support and
expertise.
LPL’s new Payroll Solutions will cover
everything from set-up to full-service processing and includes
ongoing access to a dedicated payroll expert. In addition, a new
set of HR Solutions helps firms create HR
policies, resources and handbooks, and can provide ongoing guidance
for talent-related needs.
Tech Consulting Service Aims to Optimize Technology
UtilizationA recent study by InvestmentNews revealed that
less than half (48%) of advisors feel fully satisfied with their
current technology setups, highlighting a significant gap in the
effective use of technology within the industry.2 Many advisors
face a common struggle in integrating and optimizing technology to
enhance client interactions and operational efficiency.
Recognizing these challenges, LPL has introduced a comprehensive
Tech Consulting service designed to evaluate and improve an
advisor’s technology stack. Whether an advisor is looking to evolve
technology or optimize existing systems, LPL’s service aims to
streamline operations and enhance digital client interactions.
Chief Investment Officer Service Elevates
ExpertiseLPL’s Chief Investment Officer (CIO) service
allows advisors to benefit from a dedicated CIO who partners with
them to strengthen their investment strategies, develop custom
model portfolios, and even participate in investment committees and
client consultations. The OCIO service is supported by the robust
LPL Research team, ensuring advisors have access to top-tier market
insights and investment expertise. The service has already made an
impact on early users, who found the demands of research and
portfolio management were limiting client interaction time.
Personalized Growth Coaching Drives Scale and Business
Development WinsThe newly launched LPL Growth Program
helps advisors fast-track their goals through personalized programs
led by industry and LPL professionals. Advisors have access to
one-on-one and group sessions tailored to their specific growth
objectives and learn practical tactics used by some of their most
successful peers. These tools are crafted to assist advisors in
defining and executing their business visions, fostering growth and
enhancing client engagement.
Expanded Marketing Solutions Amplify Advisors’
Connections with Prospective and Current Clients LPL’s new
Digital Marketing Platform is designed to enhance client engagement
through personalized communication across social media, email and
digital channels. This tool makes it easy to share LPL Research
insights as well as relevant premium content from leading
publications, helping advisors keep their clients well informed
amid a 24/7 news cycle.
Access to Capital to Support Advisors Through Lifecycle
Stages“Independence doesn’t mean you’re alone; it does
mean you get to lead the way,” said Steinmeier today while
detailing the company’s commitment to providing capital for growth,
liquidity and succession throughout the lifecycle of an advisor’s
business. Through LPL Capital Partners, the company is
strengthening its commitment to and investments in partnering with
advisors to support growth through acquisitions, monetization
opportunities and clear succession paths that preserve client
relationships while protecting their respected legacy.
For more information about these programs, visit LPL
Business Solutions and LPL Liquidity and Capital, and download
LPL Business Solutions’ latest report, Build Your
Extraordinary Business.
About LPL FinancialLPL Financial Holdings Inc.
(Nasdaq: LPLA) was founded on the principle that the firm should
work for advisors and institutions, and not the other way
around. Today, LPL is a leader in the markets we serve,
serving more than 23,000 financial advisors, including advisors at
approximately 1,000 institutions and at approximately 580
registered investment advisor firms nationwide. We are steadfast in
our commitment to the advisor-mediated model and the belief that
Americans deserve access to personalized guidance from a financial
professional. At LPL, independence means that advisors and
institution leaders have the freedom they deserve to choose the
business model, services and technology resources that allow them
to run a thriving business. They have the flexibility to do
business their way. And they have the freedom to manage
their client relationships, because they know their clients best.
Simply put, we take care of our advisors and institutions, so they
can take care of their clients.
Securities and Advisory services offered through LPL
Financial LLC (“LPL Financial”), a registered investment
advisor. Member FINRA/SIPC. LPL Financial and its
affiliated companies provide financial services only from the
United States.
Throughout this communication, the terms “financial advisors”
and “advisors” are used to refer to registered representatives
and/or investment advisor representatives affiliated with LPL
Financial.
We routinely disclose information that may be important to
shareholders in the “Investor Relations” or “Press Releases”
section of our website.
1 The top 10% of LPL advisors was determined by Gross
Dealer Concessions (GDC) taken from commission data in 2022.
Individual results may vary. Past performance does not guarantee
future results.
2 Investment News 2022 Adviser Technology Study
Warning Regarding Forward-Looking
StatementsStatements in this press release regarding LPL’s
future service offerings, growth and plans, including statements
about the planned expansion of LPL’s suite of business support
solutions, or any other statements that are not related to present
facts or current conditions or that are not purely historical,
constitute forward-looking statements. These forward-looking
statements are based on the historical performance of LPL and LPL’s
plans, estimates and expectations as of August 13, 2024.
Forward-looking statements are not guarantees that the future
plans, intentions or expectations expressed or implied by LPL will
be achieved.
Matters subject to forward-looking statements involve known and
unknown risks and uncertainties, including economic, legislative,
regulatory, competitive and other factors, which may cause actual
results to be materially different than those expressed or implied
by forward-looking statements. In particular, LPL can provide no
assurance that the expansion of LPL’s suite of business solutions
will occur in the expected timeframe, or at all. Important factors
that could cause or contribute to such differences include: changes
in general economic and financial market conditions, including
retail investor sentiment; effects of competition in the financial
services industry and the success of the Company in attracting and
retaining financial advisors and institutions, and their ability to
market financial products and services effectively; the effect of
current, pending and future legislation, regulation and regulatory
actions, including disciplinary actions imposed by federal and
state regulators and self-regulatory organizations; the execution
of the Company’s plans and its success in realizing the synergies,
expense savings, service improvements or efficiencies expected to
result from its investments, initiatives and acquisitions, expense
plans and technology initiatives; and the other factors set forth
in Part I, “Item 1A. Risk Factors” in LPL’s 2023 Annual Report on
Form 10-K and any subsequent SEC filing. Except as required by law,
LPL specifically disclaims any obligation to update any
forward-looking statements as a result of developments occurring
after the date of this press release, even if its estimates change,
and you should not rely on those statements as representing the
Company’s views as of any date subsequent to the date of this press
release.
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