A Focus on Diverse Communities Inspired by LPL Financial

I just got back from Focus, the annual conference at LPL Financial. Focus is where LPL advisors experience firsthand how deeply LPL values independence, inclusion, and support for clients of all practice types and sizes. A core tenet of that commitment is fostering a thriving financial services industry for representatives and clients of all communities.

From Focus on Women: Rise and Thrive event and the Focus on Inclusion receptions, to our booth showcasing our new Digital Communities platform, attendees witnessed LPL celebrating and emphasizing the importance of expanding the universe of advisors to serve a more diverse client population. This intentional focus on diversity and inclusion is what brought me on board at LPL Financial.

The growing influence within diverse communities

Discussions about diversity, equity, and inclusion in corporate America today are often characterized by emotional triggers and hyperbole on all sides. But I always like to remind my partners on this journey that no matter how you feel on any topic, data will always paint the clearest picture:

• The U.S. Census Bureau says that by 2050, there will be no ethnic majority in this country
• According to the 2020 U.S. Census, there are “3.12 million Black-owned businesses in the United States, generating $206 billion in annual revenue and supporting 3.56 million U.S. jobs”
• By 2030, there will be $30 trillion in the hands of women
• 70% of women leave their advisors within a year of their spouse’s death, and
• 66% of younger investors have left or plan to leave their parents’ advisors upon wealth transfer

Understanding the data picture for the years ahead, LPL Financial offers an unparalleled opportunity for all financial advisors to build thriving practices and make a tangible impact on clients for generations to come. I want to call out one more piece of data, particularly regarding the last bulleted point above.

The young investors expected to leave their parents’ advisors are not actually ‘going at it alone,’ as widely predicted in the early 2010s. As LPL’s President and CEO, Dan Arnold shared during his opening remarks at Focus, roughly one-third of Millennials began investing before the age of 21, compared with 14% of Gen Xers and 9% of Baby Boomers. They want advice, just not necessarily in the same way their parents wanted it.

I like to think of my team’s work as a path to help future-proof the profession, supporting a diverse range of clients so they can serve the diverse investors of the future.

An immediate and substantial impact on the LGBTQ+ space

At LPL, we are making our commitment to diversity known through LPL Financial’s recent partnership with the National Gay Lesbian Chamber of Commerce (NGLCC). The NGLCC is an advocacy organization dedicated to expanding economic opportunities and advancements for the LGBTQ+ community. It is the exclusive certifying body for LGBTQ+-owned businesses and provides a network of Certified LGBT Business Enterprise suppliers, domestic and international affiliate chambers, and corporate partners. This partnership represents a combination of several key initiatives: empowering our LGBTQ+ advisors with a relevant certification and supporting the thriving LGBTQ+ business community and potential client base.

LPL’s Advisor Inclusion Council strengthens community further

I am proud of LPL’s partnership with organizations like the NGLCC. This relationship is just one example of the efforts we have underway to support diversity and inclusion. Building a truly inclusive firm requires centering and prioritizing the voices of individuals who know the experience best: our advisors.

The Advisor Inclusion Council is a remarkable group of advisors across the firm who have come together as volunteers and given their time, passion, and energy to help ensure LPL is the most inclusive firm in the industry, whether for advisors, clients, or the many amazing people across this organization that make things happen. They represent a broad range of diversity dimensions and intersections, as well as firm tenure, career length of service, location, affiliation model, and production levels. We engage throughout the year on topics of representation, current events, business support needs, and feedback on upcoming campaigns or projects.

At LPL, embracing diversity among employees and advisors helps fulfill the fundamental need for personalized financial guidance for everyone. We strive to create an environment where everyone feels welcome, supported, and empowered to succeed. Building this new world will help make sure individuals from all backgrounds have equal access to quality financial guidance.

Join LPL and support diversity and inclusion in finance

My daughters are a huge motivator for my work in diversity and inclusion; as much as I have always been an ally and an advocate for diversity and inclusion, becoming a mother has made me exponentially more conscious of the world I will leave behind. In this industry, we know as well as anyone that access to financial guidance is an essential foundation toward a thriving future.

By joining LPL Financial, you will do more than reap the benefits of being part of an organization that supports diversity and provides an environment where everyone's voice is heard and celebrated. Certainly, you will gain access to tools, support resources, and peer-led communities that will help you grow your business. But even more than that, you will be part of something bigger as we continue to build a more inclusive industry.