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Practice Management > Building Your Business

LPL Says Tech Update Makes It 'Easier to Turn Prospects Into Clients'

By Jeff Berman

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LPL Financial President & CEO Dan Arnold speaks at the firm’s national conference in 2016.

LPL Financial says it has tweaked its ClientWorks platform to make it “easier for advisors to move through the process of turning prospects into clients.”

According to LPL, the integration means its account opening tool “populates with the investment information from AdvisoryWorld, as well as client data from the ClientWorks customer relationship management system.”

The initiative marks a “step forward” in giving advisors access to a platform that is “fully integrated across the key workflows they use every day,” according to Burt White, LPL managing director and chief investment officer.

“Last month, we were excited for advisors to access the enhanced account-opening tool, which significantly cut down the time it takes to open a new account,” he said in a statement. “Now, that tool is even easier to use, with client information as well as the investment information populating in the tool as well,” he pointed out.

“Giving advisors choice in the tools they use and empowering those tools further through ClientWorks Connected’s deep integration, helps them stay focused on their clients and build successful practices,” White explained.

About two weeks ago, the IBD said it was about halfway through its plan to automate advisors’ six primary workflows — the tasks that now take up about 80% of advisors’ time. For instance, the firm it said it had integrated some customer relationship management solutions and resources from Salesforce and Redtail into its platform.

In Q4’19, it integrated three financial planning tools used to turn prospects into clients — its own goals-based planning solution and resources from MoneyGuide and eMoney.

“We wanted to be better, and we have challenged ourselves to innovate new ways of which to help our advisors increase the growth of their practices,” CEO and President Dan Arnold explained at the time. “So this is where we are focused on business solutions as a lever to do that, digitizing workflows.”

In addition, Arnold said earlier this month, the new advisor capital solutions LPL is working on “are ways to go really deep to help advisors with tools that will help them transform how they operate their businesses and heighten the probability they are able to grow their same-store sales.”

Jeff Berman

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