LPL Expands Business Support, Tech Services

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.

Technology Push

As for technology, LPL says it’s offering new tech consulting services so advisors can better integrate and optimize their approach to efficient practice management, namely by embracing new technology tools and optimizing their existing systems.

In addition, the new LPL Growth Program aims to support advisors in pursuing their goals through personalized coaching programs led by industry and LPL professionals. It will give advisors access to one-on-one and group sessions tailored to their specific growth objectives.

Additional new LPL efforts include a digital marketing platform designed to boost client engagement through tailored communication across social media, email and digital channels. The tools should make it easier for advisors to share LPL research insights, as well as relevant premium content from leading publications, according to the firm.

These and other services will soon be rolled out to LPL’s 23,000-plus financial advisors, including advisors at some 1,000 institutions and 580 registered investment advisor firms. Overall, LPL says, its network of financial advisors and institutions serves a total of 5 million American households.