Increase Client Acquisition Success with Outsourcing

Last Edited by: LPL Financial

Last Updated: November 22, 2022

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High performers brought in $15 million in new client assets yearly—a $13 million increase over average.

- LPL Financial Study, 2021

Secrets to Success

What makes high-performing financial advisors so successful? LPL Financial set out to answer that question by researching the characteristics of over 500 high-performing LPL advisors and identifying the driving factors behind their impressive growth.

We uncovered six common themes:

  • Time management
  • Business development strategies
  • Use of technology
  • Financial planning
  • Leveraging a multi-generational approach
  • And, teaming.

When employed together, the results are staggering.

Check out the “Building Your Extraordinary Practice” article in the LPL Newsroom to see for yourself. Spoiler alert: LPL’s 2021 study showed high performers brought in $15 million in new client assets yearly—a $13 million increase over average.

In this post, we’ll explore the relationship between effective time management and growth, and discuss three pivotal areas our high performers leverage outsourcing to reclaim valuable time.

Outsource Low-Impact Tasks

Devoting time to business growth activities might seem like a luxury you can’t afford, but the reality is, you can’t afford not to. There are only so many hours in a day, so how do you make them count? A good place to start is evaluating and prioritizing how you spend your time to maximize your impact.

For example, offering personalized, independent advice is one of the most valuable services you provide your clients. Instead of managing their investments themselves, they’ve chosen to work with you. There’s no substitute for the relationship and trust you’ve built over time. And quite frankly, few aspects of your role are as fulfilling as successfully steering your clients toward their goals and celebrating life’s milestones together. By outsourcing less essential tasks, you can create the breathing room you need to deepen existing client relationships and build new ones.

Case in point, LPL’s study found that advisors typically spend 43% of their time on low-impact tasks like administration, operations, and investment management activities. In contrast, high performers were able to spend 70% of their time on client engagement and business development by outsourcing low-impact tasks.

To fully realize the benefits of outsourcing, you need a partner that understands your business. Instead of hiring multiple vendors who don’t always understand your business, you can leverage your relationships within LPL for the ultimate hassle-free experience. Consultants from our Business Strategy Services can help identify specific capacity constraints, and most importantly, create a plan to close those gaps and address your goals. This may involve leveraging LPL’s Admin Solutions team to delegate new account opening, money movement, and other client service activities to one of our seasoned administrative professionals who are well-versed in LPL’s processes.

Outsource Investment Management

Embracing a models-based approach to investment management could also be a significant timesaver, especially during volatile markets. According to Cerulli, advisors spend 30% of their time on investments.1 Fortunately, LPL Financial can help streamline this process and free up more time for revenue-driving activities.

  • Model Wealth Portfolios (MWPs): This dynamic platform allows you to use manager models, build your own models, or combine manager models with your own. Using theme-based strategies, you can offer a powerful combination of mutual fund and exchange-traded product (ETP) selections.
  • Optimum Market Portfolios (OMPs): This mutual fund wrap program features portfolios made up of six multimanager mutual funds from more than 10 industry-leading subadvisors. Using this low minimum account, you can take advantage of diversified asset allocation models, professional money management, automatic rebalancing, and marketing and sales support.

Between the resources provided by LPL Research and our asset manager partners, you have access to numerous timesaving tools for asset allocation and portfolio construction.  Both LPL Research and our asset manager partners will also help with product selection and portfolio insights.

Outsource Marketing

When it comes to business development, we found that LPL’s high performers are more likely to diversify and invest in a mix of client acquisition strategies than their peers. They also use a broad range of marketing tactics to increase the likelihood of attracting new prospects. On average, high performers use eight different marketing tactics compared to the five used by a typical advisor.

That all sounds great, but developing and implementing effective marketing strategies could easily consume the bulk of your time. How do high performers make it work? By leveraging marketing and engagement professionals. Within LPL, we have several ways to help:

  • Marketing Consulting: Our specialists can help you build a strong brand presence and robust communication strategies to elevate your approach.
  • Marketing Solutions: Our consultants can plan and execute a variety of marketing campaigns from an agency-level perspective combined with a financial industry acumen to ensure you reach the right audience. We will work closely with you to define your brand voice, tone, and business objectives to create a strong digital presence that leads to prospects.
  • M&A Solutions: LPL’s mergers and acquisitions team can provide turnkey expertise, including consultative services and deal structuring, identifying buyers and sellers, and providing loan capital to help ensure a successful transaction.

Helping You Achieve More

At LPL, we have the dedication, expertise, and tools to help you reclaim your time and become a high performer. Watch for additional insights from our study coming next month, or contact an LPL Financial recruiter to learn more.

Cerulli 2021 Advisor Metrics Report

What do top advisors do differently?

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Reach Out to LPL

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How to Be Extraordinary

You, the financial advisor, need a plan. Process makes the extraordinary possible. Start by asking for help.


The views and opinions expressed by LPL Financial Advisor(s) 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.