What’s the next big thing in advisor technology? Mobile platforms, according to Mark Casady, chairman and CEO of LPL Financial. In an interview with WealthManagement.com, Casady said LPL hopes to leverage mobile platforms in the future and innovate in that area.
“Our business doesn’t lend itself terribly well to the mobile world—not only LPL’s but the advisory business,” Casady said. “It’s a paper-intensive, figures-intensive business, but we know that that is where consumers and we know that’s where advisors. It’s all about the ease of use of those types of mobile platforms.”
The company announced this week that it hired Victor Fetter as chief information officer and managing director of the company’s Business Technology Services business unit, who joined from Dell. From his time at Dell, Fetter understands how new technologies change and how mobile and social media are changing the dynamics of the computer business, Casady said. In that way, Casady hopes Fetter will bring those skills to LPL, to help the company leverage those platforms.
At this point, Fetter could not discuss specific plans for technologies that he would bring to LPL. He didn’t say much about his immediate plans, except to say that he would get to know the technology team and reach out to advisors to get their feedback about the firm’s technology.
Casady said the firm is increasing its technology headcount by 50 percent in 2012 and into 2013. Over the last several years, LPL has increased projects budgets, applications development investments, research and development spending by a “substantial” amount, Casady said.