“Reducing the price for the SAM platform provided an incredible cut in overhead, which of course resulted in more money for me to invest in my business.”- Mark Leibman
Mark Leibman, founder of 228Main.com, has a successful practice in a small town, yet that doesn’t stop him from having big ideas. And Leibman knows that to make those ideas become reality, he needs a smart and competent institutional partner—that’s why he chose LPL back in 1994, and that’s why he’s still with LPL today.
When asked about the changes he’s seen over his years with LPL, Leibman says, “The company is definitely lighter on its feet and more able to quickly adapt to changes in the economy.”
Leibman also notes what hasn’t changed, which is the firm’s core culture and its excellent and accessible staff. Even in the early days, LPL was a leader in its approach to technology and its deep culture of independence. In those days, the company was known for strong, authentic leadership, and Leibman says that hasn’t changed over the years.
“When you consider the sheer size of LPL, you’d be surprised to see just how accessible and available the people at the top are,” he says. “That’s one reason why the company continues to attract top talent and supports many of the nation’s best advisors.”
Leibman is a big fan of Strategic Asset Management (SAM), an investment management platform from LPL, often using it as his primary offering. SAM is an open-architecture, fee-based platform that helps Leibman deliver customized advice and service, and gives his investors access to a wide variety of investments.
Part of LPL’s model is to increase economies of scale and pass on the savings to advisors. In 2018, the company did just that by reducing pricing for [link to: https://www.lpl.com/news-media/newsroom/lpl-stories/lpl-reduces-pricing-across-corporate-hybrid-ria-platforms.html] SAM. For Leibman, the reduction in pricing resulted in his LPL administrative fee going from 9.2% of gross to only 4.3%. As Leibman puts it, “Reducing the price for the SAM platform provided an incredible cut in overhead, which of course resulted in more money for me to invest in my business.”
Leibman keeps in touch with clients on a regular basis, but as that is challenging with his busy travel schedule, he also produces a blog with short, snappy videos and has Twitter and LinkedIn feeds to maintain his outreach. “Since I started on social media, client trust has gone off the charts,” said Leibman. “The blogging has effectively changed my practice from being on the defense to being on the offense.”
Leibman says the state-of-the-art marketing resources and staff at LPL are key to his digital marketing success. “I don’t pay outside consultants to help me with my digital marketing; I get all I need from LPL,” he says. “They really understand the power of a digital presence.”
Leibman relies on the original research LPL provides advisors, saying that reps like him can use this intelligence to manage accounts the way that is best for the client, without having to turn their clients over to the Home Office. At the same time, Leibman is quick to say that if he wanted to turn over part of his book, he could do that with confidence. But he holds himself out as a true independent, even a contrarian at times. “LPL supports independent thought and independent management. They know we’re not just robots, but can think for ourselves.”
Leibman says that with the benefit of scalability, he was able to grow a successful practice from almost nothing at a time when that seemed impossible. Today he credits his practice growth and the growth of LPL to the power and efficiency of scale.
The views and opinions expressed by the LPL financial advisor(s) are as of the date of this publication. 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. 228Main.com and LPL Financial are separate entities.
This material was prepared by LPL Financial
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