LPL Financial says it is expanding its suite of business support solutions for affiliated advisor firms, with the goal of helping them more effectively manage and grow their wealth management practices.
The broker-dealer unveiled the service expansion at its Focus 2024 conference, taking place this week in San Diego with a crowd of up to 9,000 financial advisors, broker-dealer staff and sponsors.
LPL's service lineup has grown to 14 offerings from three over the past six years, and the firm plans to offer its advisors a total of 20 distinct services by year-end to help them "more effectively manage and grow their wealth management practices," it said.
Research conducted by the broker-dealer has found that the highest-performing 10% of its advisors, "who typically partner with LPL for support with at least two core functions like marketing or administration, work similar hours [as] their peers but earn three times more revenue," the firm explained in a press release.
Among LPL's forthcoming service expansions are new payroll and human resources solutions designed to "streamline talent management." The services cover "everything from set-up to full-service processing" and include ongoing access to a dedicated payroll expert, according to the firm.
The HR solution helps firms create policies, resources and handbooks. It can also provide ongoing guidance for talent-related needs, according to the announcement.
