LPL Reveals How Top Advisors Achieve Extraordinary Results

Top 10% of advisors use four business-building strategies to pursue success

Charlotte, N.C. – August 17, 2023 – LPL Financial today announced the release of a study conducted by LPL Business Solutions that examines the common strategies top-performing advisors use to achieve extraordinary business results. LPL Business Solutions acts as a strategic partner to LPL-affiliated advisors and institutions by providing industry-leading resources and tools that help them run thriving businesses.

What strategies drive success? That's the question LPL Business Solutions aimed to answer by examining the behaviors of the top 10% of LPL financial advisors.* The results are published in the Build Your Extraordinary Business white paper and identify the ways in which advisors have excelled in their practice.

What the study reveals

"We found nearly all the top-producing advisors leveraged four main strategies. They operate their business like a CEO and they also optimize their time by delegating or outsourcing. They offer holistic services for every stage of their clients' financial lives, and they align their personal values with every aspect of their business," said LPL Senior Vice President of Business Solutions, Joe Lanser. "We believe this is valuable data that any advisor can leverage to help take their business to the next level."

Some interesting findings:

• Optimize Time.

Advisors in the study worked similar hours each week, but the top 10% earn nearly three times more in annual revenue. The bottom line: you don't have to double your hours to double or triple your revenue.

• Delegate A Lot.

71% of top producers in the study outsource two or more functions, such as human resources, accounting/bookkeeping, administration, marketing, technology and cybersecurity.

• Drive Efficiency.

95% of top advisors have a models-based practice, eliminating time spent customizing investments. 70% use a rebalancing tool, like LPL's Enhanced Trading—making them 60% more likely than other advisors to use trading automation solutions to help save time in routine rebalancing of those models.

• Put it in Writing.

Nearly 90% of high performers have a written value proposition or mission statement that is publicly posted and have written client criteria beyond minimum AUM or revenue thresholds.

"LPL's portfolio of business, planning and advice services solve for some of the biggest challenges financial advisors and institutions face when operating their businesses and serving their investors," said LPL Vice President of Business Solutions, Nicola Benaderet. "With our hands-on approach and given our breadth of service offerings, we're able to understand and anticipate what advisors need to optimize every part of their business and then share our learnings with the industry."

Access the results and discover how top advisors achieve success by downloading Build Your Extraordinary Business.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve, serving nearly 22,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 550 registered investment advisor (RIA) firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

*The top 10% of LPL advisors was determined by Gross Dealer Concessions (GDC) taken from commission data in 2022.

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