LPL Financial’s Kalbaugh: ‘We’re Focused on Listening and Learning’

“We’re focused on listening and learning,” Kalbaugh said today during his remarks at Focus 2018, LPL’s annual signature conference in Boston. “We’ve built a team and are developing a systematic process to seek your feedback, prioritize it, and – most importantly – act on it.”

Kalbaugh took the general session audience through the ways LPL is trying to make it easier for advisors to do business with the firm and “earn your business every day.” The company has been open about its need to improve, and is actively soliciting feedback from advisors on where and how it can better serve them as a partner.  He focused on three areas of improvement: technology, policies and procedures and service culture.

• Technology: “In the first half of this year, we made a significant number of improvements across our ClientWorks platform to improve performance, resiliency and functionality,” said Kalbaugh, who was joined by Chief Information Officer Scott Seese. The firm has enhanced its technology platform by increasing speed of use and providing more direct access to information through enhanced search features and fewer clicks. Kalbaugh added, “We are already taking action to complete a similar number of improvements in the second half of the year.”
• Policies and procedures: Kalbaugh acknowledged that there are some policies at LPL that are outdated and may no longer make sense. In order to make it easier to do business, he said, “We need to cut the red tape, remove the unnecessary steps.” As he ticked through a few of the changes –no longer needing a driver’s license on new account openings or a voided check for ACH transactions—the crowd applauded in appreciation. “They may not be game changers, but they are steps along the way.”
• Service culture: Kalbaugh closed his remarks by talking about customer service and changes LPL is making to its culture. “We are laser focused on what it feels like for you to interact with us every day, and are empowering employees to be able to deliver a better service experience,” he said. For example, the firm is focused on recruiting the right talent, providing the right tools to be able to serve clients in the moment, reducing layers and bureaucracy and recognizing and rewarding excellence.

Related Links:

LPL Financial recognizes Service Superstars at its annual Focus conference.

Advisors join the stage in the Focus general session to share best practices. Learn more about them and their approach to technology adoption, engaging millennials and the service experience.