Page 47 - Investment Advisor - October 2021

LPL Testing Paraplanning, Other

Advisor Programs

PL also is exercising ideas from we’re doing now with comprehensive advisor-client relationship, according
Linnovators like Peloton, said Aneri advice,” for instance. “You’ll hear more to Jambusaria.
Jambusaria, head of strategy, new ven- about it as a strategic priority for 2022,” This process can take 10 hours or
tures and analytics. In fact, Peloton’s Jambusaria noted, as advisors are asked more, the executive pointed out,
out-of-the-box approach to exercise to help clients with more complex plan- “depending on the complexity of the
has prompted the BD to consider new ning, tax, estate, retirement and other client, gathering all the data and putting
ways to give advisors and their cli- issues than before — which requires it into the [financial planning] tool and
ents services such as paraplanning and specific expertise. running the scenarios.”
comprehensive advice. “It’s not just about helping clients With 24 advisors, “we’re piloting a
“While exercise machines have been pick a great stock or asset alloca- solution in which LPL would do all
around forever, they really figured out tion. They’re really asking their advi- of that work for our advisors and give
that customers want to be motivated sors to help them figure out where to them time back … for building client
to use them,” she said in an interview live in retirement, make sure that a relationships,” Jambusaria said. “How
with Investment Advisor. Consumers child with special needs is set up for do we better scale that data-gathering
are busy and (due at least in part to the long-term success and so forth,” she process, whether it through a better
pandemic) want to be able to work out explained. interface with clients or a way to use
in new ways at home, she explained. machine learning, to take documents
“The advice industry is really no dif- PILOT PROJECT that clients provide and scrape the right
ferent — investors have more on their A different project for LPL that’s in information from [the documents] to be
minds and more complex lives than the pilot stage is focused on paraplan- able to leverage it? This is what we’re
ever before.” ning solutions, which typically involve exploring,” she added. The pilot pro-
As a result, advisors are looking for someone within a practice building “a gram is meant “to build and test some
more methods to meet clients’ growing full financial picture of a client” as the technical elements of the solution along
demands and increasing comfort level foundation of a financial plan and the the way.”
with “a human professional wrapped
in a digital experience,” she said. These
are “customer friction points that create
innovation opportunities [for LPL] … LPL Exec Burt White to Retire
which is really the context behind our
innovation agenda.” PL Financial says Burt White — White joined LPL in 2007, after
Thanks to this agenda, LPL can roll L managing director, Investor and spending 10 years as a managing
out more new programs through its Investment Solutions, and chief invest- director and director of research for
Business Solutions unit, which is led ment officer — will retire in late March Wachovia Securities. He has been
by Matthew Enyedi, said Jambusaria. 2022, and it plans to start an executive in his current role since early 2017
These products and services allow advi- search for its new wealth management and is responsible for LPL’s research,
sors to spend less time on administra- leader soon. marketing, products and investment
tive and marketing tasks and more time “Burt has played an integral role platforms.
working directly with clients. in LPL’s journey to enhance the advi- “LPL has been far more than a place
The firm’s New Ventures Lab, which sor experience, elevating the firm’s of work. It has been the inspiration for
opened in October, is responsible for research, wealth management, prod- my career journey, a big piece of who I
“incubating the ideas,” she added, and uct and platform capabilities. He will have become and a place where I have
Adobe Stock Business Solutions — run with them. alike,” according to LPL President & the most talented people in the indus-
be missed by advisors and employees
been privileged to work with some of
then other units of the IBD — such as
try,” according to White.
“This will be the process with what
CEO Dan Arnold.
OCTOBER 2021 INVESTMENT ADVISOR 45