Client-Facing Tech & Recruiting Records | LPL in the News

Last Edited by: LPL Financial

Last Updated: September 20, 2022

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We are seeing solid progress as we are now processing millions of transactions for our advisors through the applications of robotics and AI. By expanding the automation of these critical processes, we continue to increase the scalability and efficiency of our platform while also enhancing the client experience.

- Dan Arnold, president and CEO, LPL Financial

LPL in the News

Quickly glance through highlights of LPL Financial’s media coverage in August, including how LPL is using technology to reduce friction for advisors and increase their value proposition to clients, recent recruiting successes, and the firm’s year-end recruiting push.

LPL Financial CEO Dan Arnold Discusses the Firm’s Technology

In a recent Financial Advisor IQ article, Dan Arnold, president and CEO of LPL Financial, shared how the firm is leveraging technology to expand digitized workflows and improve operational processing.

The article highlighted two specific enhancements. The first is to its Move Money platform, which now makes it easier and more automated for advisors to support deposits and withdrawals in client accounts. The second is integrating goal planning data into Meeting Manager, which allows advisors to better prepare for client reviews.

Speaking about LPL’s technology advancements in general, Arnold said, “We are seeing solid progress as we are now processing millions of transactions for our advisors through the applications of robotics and AI. By expanding the automation of these critical processes, we continue to increase the scalability and efficiency of our platform while also enhancing the client experience.”

LPL Financial Recruits Whopping $44B in Q2

Over the next three years, Cerulli predicts that advisor jobs will grow from about 56,000 to 58,0001. LPL is certainly helping drive that growth: in Q2 2022 alone, the firm recruited a record $44B as reported by WealthManagement.com.

A majority of those recruited assets—$32B—came from LPL’s recruitment of CUNA Mutual Group.

WealthManagement.com also quoted LPL’s President and CEO Dan Arnold in the article, who had this to say about LPL’s continued recruiting success: “We continued to increase our win rates and expand the depth and breadth of our pipeline, notwithstanding a broader slowdown in advisor movement over the past couple of quarters.”

LPL Joins Announced in August

Financial Advisor IQ reported that on August 22, about $2.6 billion in client assets from People's United moved to LPL. People’s United, which reports bank branches in Connecticut, New York, Massachusetts, New Hampshire, and Maine, was acquired by M&T Bank in April. For People’s United, transitioning to LPL was a foregone conclusion after M&T joined LPL’s Institution Services platform in June of 2021.

Additionally, My Ton affiliated with LPL and has joined Houston, Texas-based Intrua Financial, an independent wealth management firm, as also reported by Financial Advisor IQ last month. Ton will expand Intrua Financial’s reach in Texas by opening its newest branch in Wichita Falls.

Asked why she made the move, Ton answered, “Intrua and LPL offer exactly what I was looking for—they put advisors at the core of their business.”

Year-End Recruiting Push for LPL’s Corporate RIA

A limited-time pitch has been mailed to prospects and is being advertised online in an effort to woo advisors to LPL Financial’s corporate RIA. As reported by AdvisorHub, LPL will offer new recruits who join its corporate RIA by year-end 2022 up to 75 basis points on assets they are expected to transfer from their old firm. Advisors can also earn another 50 basis points on assets added in the first six months beyond the amount that the firm had anticipated to transfer. The offer is structured as a seven-year forgivable note with a cap of 100% of trailing-12 month revenue.

Rich Steinmeier, managing director and divisional president of business development, had this to say about the offer: “Our focus is on delivering a clear value proposition across our spectrum of affiliation models, understanding and meeting advisors’ needs, and then presenting to advisors a compelling economic package to facilitate their transition to LPL.”

Key Executive Hire at LPL

LPL Financial recently hired Katelyn Shackleton as executive vice president of corporate strategy and new ventures, as reported by Financial Advisor IQ.

Shackleton will report to Rich Steinmeier, managing director and divisional president of business development, who described her as a “veteran leader and strategist with a focus on expanding market share, maintaining client retention, and developing multi-year business strategies.”

Looking for more updates, insights, and perspectives? Read more News and Insights or visit LPL Newsroom.


1According to Cerulli Associates, U.S. Advisor Edition, Q1 2022

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The views and opinions expressed by the 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.

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M&T Bank, Intrua Financial and LPL Financial are separate entities.