LPL presents client engagement, bookkeeping services for advisors


LPL Financial announced this week at its annual Focus conference the addition of two new elements to its business solutions portfolio, the firm’s suite of services for advisors. Launched more than two years ago, the platform connects advisers and LPL experts to outsource a wide range of business functions for a monthly subscription. Newer services include Client Engage, designed to help advisors connect with their existing client base, and a bookkeeping service.

Matt Enyedi, general manager of business solutions at LPL, said the new Client Engage offering arose out of feedback from advisors who found some of the business solutions too broad for their needs.

“Often when you have too comprehensive a solution, you overwhelm the advisor of choice,” Enyedi said. “And what the advisers tell us is, ‘I’m not thinking about all of these things right now. I think about this unique opportunity that I have. Help me solve this. ‘ So you will see that we have a wide variety of solutions that range from completely comprehensive and comprehensive to unique points of opportunity and solution.

Enyedi said a number of advisers just wanted help staying in touch with their existing clients.

“The reality is that the best way to grow your business is to make sure you maintain your existing business, and you do it through connections,” said Enyedi. “This has been a highlight for us: how do we make sure advisors communicate with their clients in a personalized way? It can’t be 1,000 emails that all say the same thing everyone else is saying.

The company will use a combination of digital and social media tools to better understand who the advisor is, on the personal side of things, such as where he connects in his community, with his family, and his hobbies and interests. The tool is also intended to uncover items of interest to that advisor’s clients, including life events, and seeks to emerge opportunities for the advisor to connect on a personal level.

“What are those moments that matter in the life of an investor, whether it is a child leaving school, a change of job, a move, the death of a member? of the family, ”Enyedi said. “We can help the advisor to connect at important times with his clients; it is the bridge that we know maintains and strengthens a relationship over time.

LPL will also launch a bookkeeping service and call on professionals to focus on supporting advisers in their day-to-day accounting management.

“One of the things all of our advisers need to do is manage their books, and it’s not fun to do and they often outsource it or do it on the sides of their desk,” Enyedi said. “We think we can do this in a very scalable way, in a differentiated and digital way that gives them really clean books and records and takes something that is usually a weekend job for an advisor, their gives that four or five hours a week on a comeback Saturday, and gives them a very clear view of their business.

LPL has been building its business solutions for more than two years; it currently has seven offers, including the Resilience Plan; M&A Solutions, launched earlier this year; the insurance plan; Administrative solutions; Marketing solutions; CFO solutions; and The Digital Office, which focuses on technology / cybersecurity.

In the second quarter of this year, LPL announced that it had approximately 2,100 monthly business solutions subscribers, more than double the previous year. This includes around 80 subscriptions of advisers from Waddell & Reed, who are particularly interested in administrative solutions, Enyedi said. (LPL announced its acquisition of the wealth management business of Waddell & Reed late last year.)

“The transition is always a challenge, whether it is a chosen transition or an acquisition, and a significant number of Waddell & Reed advisors have decided to subscribe to the administration solutions, and this solutions program of ‘administration that we designed specifically to help them in their transition to LPL to make it as smooth as possible, ”he said.

LPL experimented with offering its business solution services to consultants outside the company, starting with its M&A solutions.


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