LPL doubles down on advisor growth with digital platform boost

LPL is redoubling its efforts to support advisors' growth with a new upgrade to its marketing solutions platform.

On Monday, the broker-dealer giant unveiled a new digital marketing platform designed to support its advisors in deepening client relationships and driving business growth.

Launched as part of a broader update to LPL's marketing solutions offering, the digital platform aims to simplify client and prospect engagement through customizable tools and multi-channel communication capabilities.

“Our Digital Marketing Platform makes it easier for advisors to engage clients and prospects with consistent, targeted and impactful communications,” Les Matthews, executive vice president and head of business services at LPL Financial, said on Tuesday.

The marketing solutions platform now includes an expansive suite of options, allowing advisors to choose between going hands-on approach, coupling the digital platform with consultative services, or outsourcing their marketing with a full-service support team.

“By streamlining the often-overwhelming task of marketing, our advisors are able to deploy time and resources where they matter most – to strengthening client relationships, nurturing prospects and running a thriving practice,” Matthews said.

Even though marketing should be a cornerstone to advisors' growth efforts, a study by Broadridge last year found 85 percent of advisors haven't put one in place as they haven't had the time to do so.

The new platform offers features such as an extensive library of financial content, automation tools, AI-driven content recommendations, and real-time performance analytics. The tools not only help advisors stay compliant through integrated approval workflows but also provide insights into client preferences to tailor communications effectively, which can boost both client retention and referrals.

While advisors can choose how much or how little they engage with LPL's marketing support offering, the firm’s data suggest those using its platform have a considerable growth edge.

“We’ve found that advisors who subscribe to LPL’s Marketing Solutions grew assets 39 percent faster, on average, than their LPL peers over a 6-month period,” Matthews said.