LPL also needs to do a better job of integrating its various service offerings, Kalbaugh and other executives said Monday.
The firm has developed or purchased a number of products and service areas in asset management, trusts, high-net-worth (through the Fortigent purchase in 2012), and retirement plans (via the 2010 purchase of National Retirement Partners), but those businesses have essentially remained as stand-alone offerings.
“We’re putting them under one national sales team, with a focus on aligning the structure and compensation,” Kalbaugh told reporters. “We’ve got that in the works. The issue right now, he said, is that "it’s more of a manual process” for advisors to find the specialty services and products they need.