“Adaptability is the new superpower,” White said. “The faster change happens, the quicker our experience expires.”
White said that, moving forward, business winners and losers will be decided based on the ability to see change and adapt to it quickly.
For advisors, this means creating tailored, meaningful and compelling experiences for investors that can enhance value in their practices. To help its advisors adapt to the rapid pace of change, White discussed several capabilities that LPL plans to deliver to help digitize and scale advisors’ practices.
White said LPL has shifted its strategy and will be integrating with third-party solutions to a greater degree than in the past, in order to create a more efficient and streamlined technology experience for advisors.
“We’re creating a connected ecosystem of things that are important to you,” White said. Knowing advisors rely heavily on tools for client relationship management (CRM), proposal generation, financial planning and performance reporting, the firm is planning to develop an integrated system in which select third-party tools seamlessly work together embedded within ClientWorks.
Four performance reporting solutions will be integrated with LPL data initially, including those from Black Diamond, Morningstar, Albridge and Orion, as well as the financial planning solution WealthVision. Third-party solutions for financial planning and proposal generation are expected to follow.
White also gave quick updates on several innovations in the development pipeline, including new and streamlined features and functionality within ClientWorks, an investor mobile app currently in testing, and a refresh of investor communication materials like investor letters to make them more personal.
“Time is an advisor’s greatest asset, and we’re working on new innovations to give you more time, help you grow your practice and deliver quality, while lowering costs,” White said.
The third-party vendors listed in this article are not affiliated with LPL.