{"id":20514,"date":"2023-07-28T21:47:29","date_gmt":"2023-07-28T21:47:29","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2023\/07\/28\/lpl-advisor-headcount-hits-new-high\/"},"modified":"2023-07-28T21:47:29","modified_gmt":"2023-07-28T21:47:29","slug":"lpl-advisor-headcount-hits-new-high","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/07\/28\/lpl-advisor-headcount-hits-new-high\/","title":{"rendered":"LPL Advisor Headcount Hits New High"},"content":{"rendered":"
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The firm\u2019s horizontal expansion work \u201cinvolves meeting advisors and enterprises where they are in the evolution of the business by creating flexibility in our affiliation model, so they can design the perfect practice for themselves and for the client,\u201d he said.<\/p>\n

During Q2, LPL \u201csaw strong recruiting in our traditional independent market, reaching a new quarterly high of approximately $14 billion in assets,\u201d he pointed out. \u201cAt the same time, due to the appeal of our model and the efficacy of our business development team, we maintained our industry-leading win rates while also expanding the breadth and depth of our pipeline.\u201d<\/p>\n

When it comes to LPL\u2019s new affiliation models and its enhanced RIA offering, the company \u201cdelivered our strongest quarter to date, recruiting roughly $4 billion in assets in Q2,\u201d he noted. \u201cIn each of these models, we continue to experience growing demand and expanding pipeline which position them for increased contribution for our organic growth.\u201d<\/p>\n

Shifting to LPL\u2019s vertical integration efforts, he explained: \u201cWe are focused on delivering value-added capabilities, services and technology that extend across an advisor\u2019s end-to-end business, all for the purpose of helping them differentiate and win in the marketplace and run thriving business.<\/p>\n

\u201cIn that spirit, this quarter, we launched a new performance optimization solution called Practice Hub. This capability delivers comprehensive data in a structured format, so advisors can better understand their performance on an absolute and relative basis,\u201d he said.<\/p>\n

He added: \u201cOver the coming months, we will further expand the functionality by enabling it to generate personalized insights around additional services, technology and solutions we offer in order to help advisors enhance the overall performance of the practice.\u201d<\/p>\n

Additionally, he said: \u201cOver time, we see Practice Hub becoming a key tenet of our advisor experience, leveraging the power of artificial intelligence to operate as a co-pilot for our advisors. And while we\u2019re still in early innings, we\u2019re excited about the growth opportunities that this innovation unlocks and how it will serve as an additional leverage point to help advisors run thriving business.\u201d<\/p>\n

Also, he said, \u201cAs a result of demand in Q2, the number of advisors utilizing our services group continued to increase. We ended the quarter with approximately 3,500 active users, up roughly 30% year-over-year.\u201d<\/p>\n

New Services<\/h2>\n

As LPL works with advisors to \u201cincrease the utilization of existing services, we\u2019re also continuing to create new services, such as our tax planning solution, which is part of our broader suite of comprehensive advice and planning services,\u201d he said. \u201cThis new solution helps enable tax intelligent advice that can deliver material savings to clients and help further differentiate the advisor\u2019s value proposition.\u201d<\/p>\n

That service is \u201creceiving positive early feedback in demand in the market while also unlocking interesting synergies with our existing services portfolio,\u201d he said.<\/p>\n

\u201cNow as we continue to evolve our services portfolio, we are leveraging our structured approach to innovation in order to address the needs of our broader advisor base,\u201d he said.<\/p>\n

\u201cIn that spirit,\u201d he explained, \u201cwe are creating streamlined versions of existing solutions to help advisors who may have less complex products.\u201d<\/p>\n

Examples of those solutions include CFO essentials, digital marketing and payroll.<\/p>\n

\u201cAs we move forward, we remain focused on enhancing and expanding our services portfolio to better support our advisors and enterprises and to drive growth,\u201d he added.<\/p>\n

LPL CEO Dan Arnold. Photo: LPL Financial<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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