LPL Financial executives want its financial advisors to know that they are listening and paying attention to their needs.
In response to feedback from advisors, the San Diego-based registered investment advisory firm on Monday at its Focus 2019 conference rolled out two new solutions designed to help advisors grow and protect the value of their business.
Advisors seeking to grow through acquisition will be able to leverage an end-to-end solution designed to make it easier to maneuver through the multiple, complex steps of a deal. In addition, a portfolio of succession solutions is being designed to help advisors protect the value of their business, the company explained in a news release. The two new solutions will build on the resources, expertise and capital available to advisors through LPL’s Advisor Financial Solutions, it said.
The common theme from executives, speaking on the topic of Culture Transformation, Continually Improving for You and Your Long-Term Partner, was keeping advisor at the forefront and supporting them. They continually stressed the importance of getting feedback from advisors and assisting them so that they will be able to focus more on their needs and the needs of their clients.
“We operate under one premise: We listen, we learn, we act,” said Mike Hannah, executive vice president, one of several guests on LPL Live, a set within the main Expo during the firm’s annual Focus 2019 conference in San Diego, which began Sunday and ended on Tuesday. It attracted more than 4,000 of the firm’s 16,000 advisors
Advisors seeking to grow through acquisition will be able to leverage an end-to-end solution designed to make it easier to maneuver through the multiple, complex steps of a deal. In addition, a portfolio of succession solutions is being designed to help advisors protect the value of their business, the company explained in a news release. The two new solutions will build on the resources, expertise and capital available to advisors through LPL’s Advisor Financial Solutions, it said.
Rich Steinmeier, head of business development and a member of the strategy team said advisors have voiced interest in growing and starting their own practice and bringing in new people, and that’s exactly the type of assistance LPL can offer its advisors, he said.
“For us, this is about helping them with every aspect of their business as a whole. “We are looking at how we support you on a holistic level,” added Steinmeier, who appeared on LPL Live.
Greg Cornick, LPL Financial executive vice president, Finance and head of Advisor Financial Solutions, said the goal is to take as much work and complexity as possible off of the advisors’ plates, so they can stay focused on their core business. “The M&A process is complex, and without experience, advisors are susceptible to spending unnecessary time and money,” he said.
Cornick said advisors will have a single point of contact who can guide them through the deal process, including valuation, deal structuring, diligence, contracting and transitioning, with the goal of creating a smooth and cost-effective experience for both buyer and seller.