Advisor Bookkeeping Solution & Recruiting Success | LPL News

LPL Financial Rolls out Bookkeeping Services

A recent Think Advisor article announced LPL’s launch of Bookkeeping Services, a new offering that pairs advisors with industry-trained bookkeepers who will take the time to understand advisors’ unique needs. Bookkeeping Services operates as an extension of an advisor’s practice, providing dedicated support to record and categorize financial data and provide up-to-date reporting.

Aneri Jambusaria, executive vice president of LPL Services Group, had this to say about Bookkeeping Services: “Up-to-date financials and accurate books are essential to making confident business decisions. We recognize the complexity of our advisors’ work and the time commitment required to maintain books with precision. Our new service is designed to save advisors time with accurate reporting conducted by a bookkeeper who is well versed in LPL and wealth management best practices.”

Community Support and Diversity Efforts Spark LPL’s Recruiting

Firms across the financial services industry are pointing out that charitable donations and other forms of giving back are an important factor recruits are looking for, according to Financial Advisor Magazine.

Financial Advisor Magazine interviewed a few experts, like Louis Diamond, president of Diamond Consultants, who said, “Prospective hires are asking firms to define their culture, and this is one way a firm can clearly demonstrate what they’re about.”

LPL Financial certainly agrees. Many years ago, it started Invest in Others, which has operated as an independent nonprofit since 2014. But before that time, LPL created its own Community Leadership Award program, open to all advisors. LPL believed it was important to showcase philanthropy of advisors across the industry, not just LPL advisors.

LPL Financial was also recognized by Financial Planning Magazine for sponsoring and participating in the Association of African American Financial Advisors’ Vision conference in Atlanta, Georgia, last month. According to the article, firms like LPL are doing what they can to attract black men and women into the wealth management profession in order to serve a growing black demographic base across the country.

Of course, there are many factors prospects consider besides a firm’s dedication to philanthropy and diversity, and LPL continues to woo new advisors, especially to Linsco by LPL Financial. Following are highlights of advisors who joined LPL’s employee advisor model in September:

• Broadway Wealth Management of LPL Financial, a team of financial advisors that includes Justin Hurd, David Earl Spencer, George Alessandria, Brandy Ebron, and Sylvia Jorgensen, has joined LPL’s employee advisor model, as reported by Financial Advisor Magazine. The team will operate from offices in Oakland, California, and Savannah, Georgia.
• Washington-based Kelly Wealth Advisors, led by father-daughter team Tom and Maureen Kelly, are also affiliating with Linsco by LPL Financial, as reported by Financial Advisor IQ.
• Greensboro, North Carolina-based Vero Wealth Management Powered by LPL Financial, founded by Benjamin Link and Steve Sexton, is yet another firm affiliating with Linsco by LPL Financial, as reported by Financial Advisor IQ. Link and Sexton became the 25th team to join LPL’s employee advisor platform.

Last month, women-led Rubino, Skedsvold, Moran & Associates also made the news for joining LPL Financial’s broker-dealer, RIA, and custodial platforms. Financial Advisor Magazine ran an article about the move of veteran advisors Judy Rubino and Kari Skedsvold, who operate their firm out of Portland, Oregon.

When asked why her firm joined LPL, Judy Rubino said, “LPL is very progressive and offers a transparent, independent platform that is more suited for where our practice is today and in the future.”

A Focus on Institution Business

Regional and community banks are increasingly partnering with broker-dealers to bolster their in-house wealth management services and offset slowing revenue streams in other areas of the business, according to Financial Advisor IQ, and LPL Financial is among those firms that are benefitting.

Financial Advisor IQ cited a Kehrer Bielan survey that showcased LPL as having 35% of the total $2.3 trillion client assets processed by third-party brokers for regional and community financial institutions.

Ken Hullings, LPL’s senior vice president of business development, was interviewed for the article, and he said outsourcing wealth management services to a third-party broker allows banks to focus on their traditional financial services—like loans and deposits. “If [wealth management] is not their core business, it's not going to get the investment that's needed to make it parity or parity plus, then you lose your main differentiator,” he said.

LPL is focused on further building it’s institution business to make its platform for banks, as well as credit unions, even more attractive. In line with this strategy, LPL Financial recently hired Pete Dorsey as executive vice president of Institution Services, as reported by WealthManagement.com.

Dorsey, who joins LPL from Altruist, will report to Matt Enyedi, managing director of National Sales and Marketing, who said, ”He has a track record of working closely with enterprises, institutions, and advisors to help them establish and grow their practices, and he is deeply committed to their success. With Pete’s leadership, LPL will continue to evolve our efforts to create differentiated experiences for a growing range of institutions and enterprises, helping them thrive across all aspects of their wealth business.”

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