LPL Focus Conference: Advisors Share Feedback on Service, Technology and Reaching the Next Generation

Service Experience: Cal Elam, CEO of EFinancial Advisors, recalled a feedback session he took part in recently at the request of LPL Managing Director Andy Kalbaugh. Kalbaugh wanted to hear from the Air Force veteran to help re-envision LPL’s service delivery. Elam suggested that all LPL employees – whether they work directly with advisors or not – know how they contribute to LPL’s success. He drew a comparison to his Air Force experience. Pilots cannot get off the ground without an operational support team. “For an organization to be truly effective in carrying out its mission, everybody has to believe what they do is essential to success,” Elam said.

Technology Adoption: As LPL reimagines methods for bringing products and solutions to market, the firm is involving advisors early in the process, listening to what they need and changing how it brings technology capabilities to life. Earlier this year, Steve Budin of The Budin Group welcomed LPL managing directors Burt White, Scott Seese and Tom Gooley to his office to show them firsthand the issues advisors face with technology. Since then, Budin said he’s noticed several enhancements and faster processes. The advisor and business owner has long been an advocate of technology to help increase efficiency and support growth. He manages a completely paperless office, and said having a mobile office allows him to balance his work and family priorities. “I can use eSignature to get documents signed while I’m at my daughter’s ballet practice,” Budin said. And in less than 10 minutes, while waiting for a meeting that had been delayed, he was able to rebalance over 100 Strategic Asset Management accounts using the enhanced Trading and Rebalancing tools.

Engaging Millennials: Advisor Kim DeProspero of Financial Strategies Group described an innovative program instituted at her firm to break through with millennial investors. “Millennials are the investors of the future and they are the future of business, so we all should be paying attention and getting to know them,” she said. Her firm took the time to understand their unique habits and goals by hiring other millennials, and then created a more tailored approach to suit their needs. The firm has been successful at attracting and retaining millennial clients by leveraging social media, hosting financial education and networking events that appeal to the demographic and offering advice that meets the financial needs they have at this life stage. “Our clients are so thrilled that we would implement a program to serve their children and grandchildren,” said DeProspero. “That’s good for business.”

Related Links:

LPL CEO and President Dan Arnold discusses the four ways LPL is changing the culture.

Hear from Andy Kalbaugh on service, technology and policies and procedures.

The views and opinions expressed by the LPL Financial advisor(s) are as of the date of this announcement. These views may not be representative of the views of other financial advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

The Budin Group, Financial Strategies Group, Efinancial Advisors, and LPL Financial are all separate entities.