LPL Financial gave details on the technology updates it plans to roll out as part of its $1 billion investment in advisor services and related efforts by year-end or early next year.
It announced the efforts during Focus, its online conference being attending this week by some 10,000 advisors and 3,000 other guests.
“We will invest in our capabilities to enrich how you are engaging with your clients [by] … streamlining and digitizing your workflows through ClientWorks and expanding the investment content on our advisory platforms while also lowering the cost,” Dan Arnold said Wednesday.
Building on that talk, Chief Investment Officer Burt White — via a movie-themed presentation Thursday entitled “Stars Win” — explained several improved tools set to launch this year.
“We need to do a lot more than just apply digital lipstick to our businesses,” White said. The industry’s tech adoption, he explained, “is OK but not where it needs to be … to run a more dynamic practice.”
After discussing the success of some popular movie sequels and the transition of actor Frank Oz from being the voice of Miss Piggy to doing so for Jedi Master Yoda, he urged advisors to think broadly about how they can reshape their practices.
‘You, Part II’
“How do you become you ‘part II,’ and how do you never lose your own Miss Piggy and evolve by adding your own Yoda?” White asked.
For its part, LPL aims to support advisors in “managing a more dynamic practice and running a smarter practice,” he said, noting that the coronavirus seems to have pushed some companies to “move to digital.”
Three new technology efforts that are part of the IBD’s strategy are the introduction of:
- Meeting Manager to organize and run client meetings, with resources like an agenda builder, smarter scheduler and client insights.
- An update to e-Signature, so advisors can group documents needing signatures together and give clients one request when opening new accounts, for instance.
- A new Account View client portal to let investors sign a complete paperless agreement “with one click.”
The firm says that some 1,000 advisory groups are using its business solutions for administrative, marketing and CFO support. These were rolled out a year ago.
It also launched an M&A platform, Assurance Plan, to help when advisors experience unplanned exits from the business last summer.
On Friday, LPL says, Focus will feature keynote speakers Madeleine Albright and Colin Powell.
— Check out LPL Pledges $1B to Put Advisors on Growth ‘Superhighway’ on ThinkAdvisor.