Page 37 - Investment Advisor June 2023

Conclusions

BROkeR-DeAleR BeAT
By Jeff Berman

How lPl Gives FAs the ‘Muscle’ to Grow

“Advisors who use one of our services are growing on average 28% faster

than peers,” says Aneri Jambusaria.

s advisory firms look to over- This is where the comprehensive
come challenges as they grow, advice conversation comes in. We found
A three main factors largely that successful advisors have diverse rev-
determine how successful their busi- enue streams, like charging for financial
nesses can become, according to Aneri planning to weather the ups and downs.
Jambusaria, managing director of LPL In addition, resilient advisor businesses
Financial’s Services Group. The group’s are planning ahead and have a long-term
800 staff members — now working with succession plan in place. This allows
over 3,200 of LPL’s affiliated financial them to be intentional about their team
advisors and institutions — is introduc- and growth plans, and ensure they are
ing new programs that zoom in on these protected in case of an unforeseen event.
factors so advisors can both improve and
grow their businesses, Jambusaria says. to grow from $27 trillion [in assets] to $35 What do advisors need to be doing for
Jambusaria joined LPL over three trillion over this decade, that secular trend their clients, and how is lPl helping them?
years ago, after working at Fidelity is showing no signs of slowing. Many firms focus on providing finan-
Investments for about eight years. She We see those advisors with strong mar- cial advisors with ideas and insights
also served as a judge for ThinkAdvisor’s keting capabilities who are investing in to drive their success, leaving it up to
LUMINARIES industry awards pro- building [their] client service capacity are the advisor to manage the execution.
gram from 2021 to 2022. The executive best positioned to attract and retain more We found that while insights can be
recently discussed what advisors should than their share. Efficiency and resiliency an incredible catalyst, you also need an
be doing today to position their prac- don’t get as much airtime as growth, but accelerant to execute on those insights
tices for tomorrow via email. we see them as being equally important to and drive impact.
driving success. From an efficiency per- That’s the idea behind our services
InvestMent AdvIsor: What is lPl spective, it’s thinking about how an advi- portfolio at LPL. We’re focused on deliv-
research telling you, and how does it sor wants to spend their time and how the ering the insights as well as the execu-
influence what lPl does for advisors? people in the office spend their time. tion muscle to drive success in areas like
AnerI JAMBusArIA: In our latest advi- Where can they get more leverage and client administration, marketing, finance
sor research about top-performing prac- drive scale? That’s where some of our and accounting, and financial planning.
tices, we found three primary drivers of services, like Administrative Solutions More than 3,000 advisors affiliated with
extraordinary businesses: growth, efficien- and Paraplanning Services, can help free LPL are currently using these types of
cy and resiliency. As an industry, we talk a up time to spend on high-value work. services to enhance their businesses.
lot about growth and an advisor’s ability Resiliency is also top of mind, especial- We see opportunities for advisors to
to capitalize on the increasing demand for ly in the current market environment. continue to lean into this type of sup-
independent advice. With the advisor-cen- Advisors want to ensure their business is port. LPL advisors are spending over
tered wealth management space expected set up for all kinds of market conditions. $2 billion annually on practice support,

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