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LPL Financial

LPL App Shortens Account Opening From 9 to 4 (Minutes)

Improvements include a reduced number of fields and better integration with data from preexisting account holders.

From nine minutes to four, that is how long LPL’s new account opening process is expected to take on average, according to the firm. LPL’s New Account Opening 2.0, a component of its ClientWorks suite of tools, was announced Monday amid other projections of time savings, including “implied” savings of “6,000 hours of monthly productivity created across all LPL advisors and staff,” according to the firm.

LPL first discussed a streamlined account opening process, and the work that led to it, back in May, saying it would be available to all its advisors in the summer.

Part of the shorter timeframe in the new account opening process is attributable to 30% fewer fields, while another aspect is an increase in prepopulated data already in ClientWorks, especially for those clients that are already existing account holders. For those clients, 90% of all fields are automatically pre-filled based on existing data, according to LPL. The new tool will also offer better integration with internal and external systems advisors use, which includes eSignature and LPL’s proposal generation tool powered by AdvisoryWorld, according to the firm.

LPL Financial won a 2019 WealthManagement industry award for ClientWorks as best-in-class technology.

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