lpl independent advisor institute faq

FAQS for the Independent Advisor Institute

Want to know more about the Independent Advisor Institute? Get answers to frequently asked questions and find out if the program is right for you.

Find out more about the LPL Independent Advisor Institute.

What are some benefits of being a financial advisor?

Being a financial advisor allows you the freedom to build your career on your terms while embracing countless opportunities along the way. Some key benefits of this role include:

  • Entrepreneurship: As a financial advisor, you’ll have the flexibility to build a book of business that fits your goals and your timeline. Your level of success is entirely up to you
  • Job security: Nearly half of current financial advisors are expected to retire over the next 15 years. Their clients will need someone to look to for financial guidance in the future. And, as Millennial and Gen X investors inherit an expected $30 trillion over the next decade, the demand for advisors will only increase.
  • Community: Being a financial advisor allows you build deeper connections with your clients and industry colleagues, while cementing a role as a leader in your community.

 

What’s the selection process for LPL’s Independent Advisor Institute program?

The process begins with an initial screening, followed by  a series of conversations with LPL Home Office professionals, and experienced LPL financial advisors.

Our interviewers will take several aspects into account including past experience, willingness to learn and grow, along with interpersonal skills.. The information gathered during this time is used to match you with the ideal managing advisor in your area. They will offer the valuable guidance and mentorship to help you propel your new career.

 

How is the program structured?

Once you’ve been matched with a managing advisor, you’ll spend the first year working within their financial office. During this time, you’ll receive first-hand industry experience and on-the-job training while earning a competitive salary. The first three months of your training curriculum will be focused on preparing you for the Series 7 and 66 licensing exams. During this time, you’ll receive organized classroom sessions and coaching from LPL team members to ensure you’ll feel confident going into each exam.

 

What does the Series 7 exam entail?

The Series 7 exam consists of 260 questions ranging from topics such as suitability of recommendations, mutual funds, municipal bonds, securities regulations, and customer accounts. The exam is administered by the Financial Industry Regulatory Authority (FINRA) and takes around six hours to complete.

 

What does the Series 66 exam entail?

The Series 66 exam consists of 100 multiple-choice questions and ten pretest questions — it’s designed to quality candidates for both securities and investment advisor roles. Each section of questions are weighted differently when it comes to scoring. Advisors have 150 minutes to complete the exam, which is administered by the North American Securities Administrators Association (NASAA).

 

Is it difficult to pass the Series 7 and Series 66 exams?

As a participant in the Independent Advisor Institute, you’ll be well-positioned to pass the Series 7 and Series 66 exams. Advisors who dedicate an appropriate amount of time to studying, learning from their coaches (and taking plenty of practice tests) can usually expect a successful passing score.

 

What else will I learn during the program?

Apart from preparing you for the Series 7 and Series 66 license exams, the curriculum includes courses aimed at preparing you to run a successful practice. You will gain knowledge in key areas such as investment management, compliance, marketing, and sales.

Additionally, you will learn:

  • The fundamentals of investing and portfolio construction (i.e., understanding the markets, products, platforms, and niche products) while gaining access to licensing opportunities to advance your career and future practice.
  • Valuable insights regarding technology, organization, and best practices from LPL’s vast network of subject-matter expert and thought leaders.
  • Business skills from leading consultants who will teach you how to converse, connect, and forge meaningful working relationships with partners and clients.

After your first year within the program, and obtaining of your Series 7 and 66 licenses, you’ll be ready to further apply your knowledge with the continued support of LPL at every step.

 

What if I already have my Series 7 and/or Series 66 licenses?

Licensed advisors can still participate in the Independent Advisor Institute and gain the benefits of the program

 

How much money will I make as a financial advisor?

The Independent Advisor Institute offers competitive compensation for your first year. In your second year, while continuing to work with your managing advisor, you’ll have the opportunity to build your own client base and increase your earning potential. Many advisors receive additional compensation via bonuses, profit-sharing, and commissions.  With the increasing need for financial advice, your earning potential and career advancement is truly in your control.

 

Why should I choose to work with LPL?

At LPL Financial, we have a reputation for putting advisors first. We value your unique career goals and industry independence just as much as you do. That’s why, for nearly 30 years, we’ve provided the tools, access, and infrastructure advisors need to excel on their own terms. As an independent firm, we don’t offer traditional propriety products or banking relationships, which gives you the freedom and confidence to offer customized, objective advice to your clients. As an LPL financial advisor, you’ll benefit from services such as research, technology, compliance, access to an ever-growing array of products, continuing education, and a dedicated team that’s always ready to help you succeed.

 

How are the managing advisors selected?

We employ a variety of factors when selecting our program’s managing advisors. These factors include industry tenure, practice size, a demonstrated passion for developing talent, and a mentor mentality. All of our selected managing advisors have a desire to continue growing their business by investing in opportunities through our program.

 

What resources and support can I expect from LPL during the program?

As a participant, you’ll work with a dedicated program manager operating in the LPL Home Office who is always eager to answer your questions. With a competitive first-year compensation, you’ll feel supported in thoroughly dedicating yourself to learning and growing. You’ll receive a blend of in-person and distance learning that offers exclusive access to leading industry experts and conference opportunities. Tap into LPL’s network of independent advisors to see why LPL Financial recently ranked #1 in customer loyalty among 21 financial service providers. Their dedicated mentorship, support, and connection allows LPL to continue helping advisors thrive. .*

If you’re ready to take the next step in your career, view our open Independent Advisor Institute positions and apply today.

*Market Strategies International, Cogent Wealth Reports, “Investor Brand Builder™: Maximize Purchase Intent Among Investors and Expand Client Relationships,” November 2017.

The IAI Program

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