LPL placing heavy focus on technology improvements

LPL placing heavy focus on technology improvements
ClientWorks, the company's adviser dashboard, is now available to more than 11,000 advisers, up from 500 this time last year.
OCT 04, 2016
To stay up to date with technological innovations, the independent broker-dealer LPL Financial is developing more tools for its new adviser dashboard and implementing smarter automation. At last year's LPL Focus, the company's annual conference, LPL Financial said it intended to increase automation of its processes to 85% from 15% within the next few years. Victor Fetter, managing director and chief information officer at LPL, estimated that the number is somewhere in the 50-60% range now, including new tools for moving money, order entry and e-signatures. “You're seeing an ecosystem of automation come together,” Mr. Fetter said during a phone interview. ClientWorks, the company's adviser dashboard, is still in development, though it is now available to more than 11,000 advisers, the company announced at this year's conference held this week in San Diego. There were only 500 advisers on the platform this time last year. The dashboard was first announced in the summer of 2014, created to replace the company's former workstation, BranchNet. ClientWorks includes tools such as Move Money, for monetary transactions, and a client management page to show advisers their books of business. Additional tools are expected to be made this year, including an account opening tool and integrations with client relationship management programs Salesforce and Redtail. “I can see the light at the end of the tunnel,” said Jamie Cox, an adviser and managing partner at Harris Financial Group. “LPL has been building ClientWorks piece by piece.” It's all starting to come together, he said. Still, the company has a long way to go, some say. “LPL is trying to be relevant,” said Devin Carroll, an adviser at Carroll Investment Management. “They are willing to move and adapt.” Change, however, is never easy, and they'll have to do a better job of it, he added. “Until we can fix the communication of simple topics, I think it will be very difficult to roll out some of the complex technologies, and articulate how to use them,” Mr. Carroll said. Advisers need help learning the technology currently available, he said. When he was beginning to use the tool to deposit checks remotely, it took numerous phone calls with various departments to figure out how to use the app. Mr. Carroll suggested the broker-dealer make training sessions available for advisers. LPL executives highlighted their efforts to improve service to their clients during the company's annual conference held in San Diego this week. The broker-dealer is focusing more on providing technology and services to its 14,000 advisers, some say. There has been a 25% increase in staff answering phones and they are working on programs to track adviser questions and waiting time for advisers who call for help has dropped to 20 seconds from two minutes. There are also opportunities for advisers to learn about technology updates, Mr. Fetter said. There is a monthly call to discuss the latest technology and a resource center with information and tips. LPL's robo-adviser, called Guided Wealth Portfolios, will be available for all advisers in January. The company partnered with BlackRock's FutureAdvisor in April, though it originally announced a robo at last year's conference. Mr. Fetter said the robo-adviser's pilot program will be expanded in the fourth quarter. “This shift we are seeing at LPL is really positive for the industry,” said Ross Gerber, president and chief executive of Gerber Kawasaki Wealth. “They are at the forefront of adapting their business model for what the future brings to our advisers.”

Latest News

Judge OKs more than $90 million in settlement money for GWG investors
Judge OKs more than $90 million in settlement money for GWG investors

Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.

Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs
Fintech bytes: Orion and eMoney add new planning, investment tools for RIAs

Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.

Retirement uncertainty cuts across generations: Transamerica
Retirement uncertainty cuts across generations: Transamerica

National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.

Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future
Does a merger or acquisition make sense for your firm? Why now is the perfect time to secure your firm’s future

While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.

Raymond James continues recruitment run with UBS, Morgan Stanley teams
Raymond James continues recruitment run with UBS, Morgan Stanley teams

A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave