As our industry has matured with expanded capabilities, advisors now have seemingly infinite options for how to craft their perfect independent practice.

- Marc Cohen, executive vice president, Strategic Programs

In the digital age, change is the only constant. For this reason, professionals in the financial services space would be wise to keep an ear to the ground ­– prepared for new developments and innovation to unfold at any time. Now more than ever, it’s important to seek out tools and resources that help advisors stay in control.

Two LPL Financial leaders, Executive Vice Presidents Marc Cohen and Gary Carrai, recently sat down with AdvisorHub to share what they’re seeing in the industry and how it has inspired LPL to create resources to meet unique demands.

Consider these key themes to help you operate in an atmosphere that seems to be changing by the day.

Getting clear on what it means to be “independent”

The profession of providing financial advice has evolved. Between changes in technology, cultural shifts in financial philosophy, and increased compliance demands, financial advisors can no longer limit their guidance to investment transactions.

Financial advisors now have the opportunity to define what independence means to them and evolve their business accordingly.

Cohen’s take: “As our industry has matured with expanded capabilities, advisors now have seemingly infinite options for how to craft their perfect independent practice and we are proud to be the leading partner offering advisors integrated choice.”

However you choose to define business success, LPL offers an affiliation option tailored to your needs and objectives.

Navigating financial advisory in a mostly digital space

Human interaction becomes increasingly rare with every digital exchange. For both advisors and their clients, real human connection is paramount for building quality relationships that offer value to the world. LPL Financial’s wide-ranging, hands-on support is one aspect that gives our independent advisors and financial institution advisors room to thrive.

“As the industry continues to push toward more digital-only avenues, we are committed to dedicated human support – it’s a key element of our business. As we have seen over the last decade, financial advice cannot be effectively delivered in a digital-only capacity,” says Carrai.

Embracing diversity as the market changes

If new shifts in the market are inevitable, it’ll require some flexibility to navigate through them. Firms and financial professionals who recognize the need to evolve and adapt to these changes will only thrive in the years to come.

Tony Sirianni, AdvisorHub’s publisher and CEO says, “… the future winning model will belong to the most transparent firms that support the most diverse platforms and equity models. LPL is expanding its platform offerings and adding financial support for everything from succession to acquisition.”

Access the full AdvisorHub cover story to learn how LPL has developed over the last five years.

You can also tune in to Cohen and Carrai’s recent podcast interview on AdvisorHub with Sirianni where they discuss:

  • Packaging a suite of capabilities for advisors
  • The changing definition of independence
  • Making educated decisions about your practice
  • Protecting an advisor’s legacy and perpetuating their philosophies.

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