Season 1 | Episode 11
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Join us for something a little different in the latest episode of “Growth Leaders of Wealth Management,” where we interview members of the executive team of LPL Financial, a Fortune 400 business that oversees more than $1.6 trillion and services more than 23,000 advisors.
LPL’s growth is undeniable. In 2018, LPL’s assets sat at $628 billion. That means in the last six years, they’ve added $1 trillion. What happened? According to Marc Cohen, Head of Corporate Strategy for LPL, they shifted their focus from helping advisors go independent to helping independent advisors run successful firms.
Their approach comes down to two key elements: horizontal expansion and vertical integration. Horizontal expansion has them focusing on how they can expand to serve more of the addressable market, and vertical integration has them working to serve as a one-stop shop for their advisors’ needs. From clearing firm to custodian to broker-dealer to tech provider, LPL provides efficiencies that allow their advisors to grow rather than managing a bunch of vendor relationships.
Aneri Jambusaria, LPL’s Business and Wealth Solutions Managing Director, has helped oversee the vertical integration aspect by helping build LPL Business Solutions, which provides 20 services to advisors, including marketing, CFO solutions, bookkeeping, M&A, paraplanning, and more. According to Aneri, LPL has a long list of “jobs to be done” for advisors that they are working their way through, with a goal of taking as many of those off their advisors’ plates as possible. She also gives a peek into LPL’s incubation process and how her team supports advisors as they grow from Alpha Pilot stage to Beta Pilot.
When it comes to how LPL supports those advisors, Peter Vincent, LPL’s Head of Field Management, gives an overview of the variety of options available, from the supported model, where advisors run every aspect of their firm and LPL provides support, to their W2 Linsco model, where advisors are employees of LPL while still maintaining a certain level of independence. Peter also talks about their training programs for new advisors and how they show them the ropes using internal advisor coaching and external resources like the Altius program, a 100-day program focused on new client acquisition.
Lastly, we hear from Phillip Bell, an LPL Investment Advisor Representative for Financial Planning Resources in Oklahoma. Phillip shares what he considers to be the winning combination for his success, including a business coach from outside the industry, immense support (and top-notch tech) from LPL, events, and a commitment to just doing customer service right.
As they look to the future, the LPL team shares their focus on growing their investment platform, providing new services like HR training, helping advisors be as successful as they can be, and more! If you’re talking about growth leaders in the industry, you’ll see why you have to include LPL in the conversation!
Connect with us:
- Meg Carpenter on LinkedIn
- Marc Cohen on LinkedIn
- Aneri Jamusaria on LinkedIn
- Peter Vincent on LinkedIn
- Phillip Bell on LinkedIn
About Ficomm Partners
Ficomm Partners is the embedded growth partner for results-driven RIAs, and wealth management platforms. With a track record of helping over 250 clients achieve their growth goals, Ficomm understands that while industry patterns may repeat, each firm's growth challenges are unique. Ficomm prioritizes strategy and finds the most impactful ways to move you toward your goals. We align all your marketing activities with your business objectives, acting as your dedicated growth partner with our human-first approach, strategy-first methodology, and unrivaled team of industry marketing experts.