LPL Financial LLC announced today the first graduating class from its new Sales Manager Coaching Program (SMCP) designed to educate participants on LPL Financial tools and best practices, along with developing leadership skills.
The program is designed for program managers and sales managers of bank and credit union investment departments. The 18 participants of the initial program--representing 159 financial advisors--chose to extend the year-long program for an additional 12 months. The next group of participants, totaling 23 managers, is slated to begin the SMCP in June 2012.
Offered by LPL Financial's Institution Services division, the 12-month program includes one-on-one coaching, peer conferences and the study of best practices. The curriculum includes a personal assessment of each participant's sales management skills; face-to-face workshops focused on coaching best practices, techniques and tools; quarterly group conference calls and regular follow-up; and one-on-one coaching sessions with industry veteran Dr. John Rhodes, vice president of national accounts at CNL Securities. Dr. Rhodes is a long time developer of coaching programs designed to assist financial advisors in their business and professional lives.
LPL Financial and CNL Securities worked together to create the program the coaching program, said Arthur Osman, senior vice president for LPL Institutional Services division. He added that the same program will continue to be used with a new set of participants being launched this week.
LPL Financial said that SMCP participants recorded a 21% increase in gross dealer concessions (GDC), or 65% higher than those of LPL Financial clients who did not participate in the program; improved sales coaching by participants of their financial advisors, including both top producers and lower-tier producers; and improved recruitment and production ramp for new financial advisors.
LPL Financial LLC is an independent broker-dealer and a wholly owned subsidiary of LPL Investment Holdings Inc.