Practice Hub: Data-Driven Insights to Accelerate a Financial Professional’s Business

Last Edited by: LPL Financial

Last Updated: March 07, 2024

Practice Hub: Data-Driven Insights to Accelerate a Financial Professional’s Business

Performance optimization service drives scale and operational efficiency

LPL Financial empowers advisors and institutions to deliver great advice to their clients and to be great operators of their businesses. Practice Hub is a new centralized dashboard in ClientWorks where LPL’s financial advisors and financial professionals can view key practice metrics that provide visibility into their progress, set goals, benchmark their success against their peers, and receive help to run their business more efficiently.

Financial professionals can identify areas of growth with these data-driven insights:

  • Data for three key metrics – Net New Assets (NNA), Assets Under Management (AUM), and Gross Revenue
  • Benchmarking against peer advisors across AUM ranges at LPL Financial
  • Goal setting and tracking tools for all key metrics
  • Recommended resources to help achieve goals

Practice Hub helps this financial advisor understand her business and save time

During a year focused on growth, Practice Hub came at the right time for Erica Gargol, founder of G&G Wealth.

“We’re on a big growth trajectory this year and Practice Hub is a valuable source for gathering internal data. We look at goals, we look at inflows versus outflows. We track assets based on new clients versus existing clients as well as assets coming in via brokerage or advisory,” said Gargol. “Having [data] at our fingertips and updated as regularly as it is has been tremendously valuable to us.”

Gargol shared that if she didn’t have Practice Hub, G&G Wealth wouldn’t have the internal resources to track that information and review it monthly.

Set goals to define your business strategy

Setting goals is one of the most important steps when trying to generate new clients and increase revenue. As an early adopter of Practice Hub, Gargol sees the value of using it to set and track the Scottsdale, Arizona, firm’s goals. And this year they’re reaching for the moon.

“We thought it would be a great way for us to internally track all of our goals,” she said. “We're never going to get better if we don't know where we started. Goals give me a defined business strategy so I can help my office and my clients strive to exceed our annual expectations. We’re using this first year to see how achievable our goals are. We set them higher than we think are achievable right now but would rather have something we think is optimistic.”

Gargol is well-versed in setting goals, not just for her business but also for her clients. She celebrated 20 years with LPL Financial in August 2023, and shared, “I actually started my career with LPL and have never been affiliated with another firm.” In the early years she helped teachers set up their retirement plans. While G&G Wealth has expanded their focus to include guiding clients with investments, financial planning, retirement planning, and college savings, the firm continues to work extensively with educators as well as business owners.

Harness the power of benchmarking to drive business growth

It’s time to look for new opportunities for growth in 2024 and beyond. With Practice Hub, Gargol has gained valuable insights into her business and its potential.

Along with access to a business’s key metrics, Practice Hub shows financial professionals where they’re at – and how they compare to their LPL peers – which they can use to monitor and grow their practice.

“Compared to larger offices, our growth has been pretty much equal or better than theirs, which I would not have believed had I not seen that.” - Erica Gargol

With the peer benchmarking tool, financial professionals can filter their data to compare with LPL peers of varying sizes to see where their practice is thriving and where it can improve.

“We use the benchmarking tool to compare our growth to other successful advisors at LPL. We've learned that our firm is much more successful than we originally thought,” said Gargol. “It's very motivating for us to see that success, and it keeps us on a trajectory of wanting to continue to achieve those goals we set for ourselves.”

If you’re an advisor or a leader at a financial institution looking for more information, we’re happy to talk through your objectives and recommend the resources that will best serve your business.

Featured in the article

Erica Gargol

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Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.    

This material has been created and designed for licensed financial professionals only and may not include the level of detail, explanation, and disclosure needed for a general audience to accurately evaluate the facts. The views and opinions expressed by the financial professional(s) may not be representative of the views of other financial professionals and are not indicative of future performance or success. Neither LPL Financial nor the financial professional(s) can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

G&G Wealth is a separate entity from LPL Financial.

For financial professional use only.

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