LPL Financial is promising their advisors can grow their business up to 41 percent if they utilize the firm’s technology solutions, including its ClientWorks platform.
“When you use the suite of the technology that’s available today … you have the ability to grow your business at a premium of 41 percent,” Victor Fetter, chief information officer, told attendees at LPL’s national FOCUS conference on Tuesday.
With that very specific estimate, Fetter did not note whether that was a 41 percent growth in assets, clients or production, but said the firm arrived at the premise after reviewing advisor growth and usage of technology tools.
Fetter told the crowd of 7,000 advisors that since its release last summer, the technology team at LPL has updated ClientWorks every two weeks and implemented about 1,500 changes. The cloud-based advisor workstation is set to replace the 14-year-old BranchNet software.
Overall, LPL has invested more than $100 million in technology and doubled its risk management and compliance staff.
“It’s not about going into a dark cave and developing solutions and then magically unveiling them at some point in the future. We’ve been really thinking about it and doing things with you in mind,” he added.