LPL Leader Offers Perspective on Mood of Financial Industry

Last Edited by: LPL Financial

Last Updated: April 21, 2022

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Every day, any headline has the potential to impact financial markets and, in turn, financial advisors and institutions with wealth management services and investors. As uncertainty continues to be a constant in the industry, the Bank Insurance and Securities Association (BISA) recently reached out to LPL Financial’s Shawn Mihal about his team’s approach to dealing with market unknowns. Shawn is the executive vice president of Institution Services Relationship Management at LPL and focuses on trying to lead with optimism instead of dwelling on “what ifs.”

According to the BISA article, the financial advice market is expected to grow by about $10 trillion over the next decade and LPL believes banks and credit unions have a unique opportunity to serve their customers and members.

LPL bullish on financial advice

“Financial advice is critical to helping people plan for their financial future,” Mihal told BISA. “We are incredibly bullish on the future of financial advice and our commitment to providing platforms and services that evolve to help position our partners and their clients and members for financial success. As financial needs continue to evolve, so do the services offered through our institutional partners. As we’ve seen the ongoing trend from transactional-based business to deeper, more holistic financial advice, advisors are able to get closer than ever to clients to form deeper relationships, provide new ways to deliver value.”

Mihal then explained to BISA how LPL Financial is adapting to provide banks and credit unions the resources they need to meet the demands of their customers seeking personal wealth management guidance. “In recent years, client expectations have expanded beyond traditional in-person experiences to robust digital, omni-channel and journey-oriented support,” he said.  “The entire financial services industry is evolving, and we recognize that change is constant, transparency is imperative, and collaboration is crucial. Advisors and institutions need a partner they can rely on — one that’s supportive, flexible and well-positioned to support future growth and evolution.

LPL here to help institutions and advisors

We’ll introduce new business concepts and modern, digital end-client capabilities to help institutions and advisors deliver an even more enriching experience to their clients and members. We are developing tools to accelerate meeting preparation and insights, improve communications and alerts through intuitive digital capabilities, advance e-signature processes, and deploy more efficient money and account movement functionality. We are also continuing our efforts to unify the wealth offering within institutions, across investment and trust programs.”

The BISA article also highlighted LPL’s perspective on another trend in investment programs for financial institutions: outsourcing. “We expect to see an increase in market trends such as outsourcing investment programs to a third-party like LPL for all wealth management solutions,” Mahal said. “As this trend continues, the needs of institutional partners will be driven by flexibility, including the flexibility to design and configure their wealth management programs to curate a differentiated experience for their clients and members.

LPL Financial offers banks and credit unions comprehensive solutions for investment programs, including:

  • Program manager and advisor resources: Access to business support and development resources plus in-depth research, training, and technology.
  • Scope and scalability: Our technology provides your institution and advisors with competitive flexibility and adaptability.
  • Self-clearing and enhanced advisory platforms: Fast and efficient trading, combined with extensive product and service offerings, can engage and maintain investor accounts of all sizes.

Learn about all the resources and collaboration LPL Financial offers bank and credit unions.


The views and opinions expressed by the LPL Financial representative are not indicative of future performance or success. LPL Financial cannot be held responsible for any direct or incidental loss incurred by applying any of the information offered.

BISA and LPL Financial are separate entities.

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