LPL Introduces Tech Consulting Service to Reduce Common Barriers to Technology Utilization and Effectiveness
Financial advisers have increased their use of technology in the past few years, according to recent research within the latest edition of the Cerulli Edge from Cerulli Associates. While adoption has proven to be a boon to those practices that have incorporated such tools, Cerulli said, the industry still has a long way to go.
LPL Financial appears to be recognizing some of the challenges and opportunities associated with technology and announced a new service at its annual conference, which concluded last week.
Cerulli’s research revealed that barriers to using technology include a lack of integration between tools/applications (71%), and insufficient time to learn and implement (70%).
“Many of the challenges advisers identify with using technology are challenges that can be overcome through knowledge-sharing efforts to educate and inform advisers about the potential power of more effectively leveraging the technology tools already available to them,” said Michael Rose, director of wealth management for Cerulli Associates.
Cerulli found just half of advisers are satisfied with the training and support they receive, and larger adviser practices represent one of the most important market segments for the software vendors, broker-dealers, and custodians that are the primary provider of technology to these practices. LPL, too, cited a recent study by InvestmentNews, which revealed that only half (48%) of advisers feel fully satisfied with their current technology setups.
There is certainly an opportunity for the home office and financial technology firms to shore up the training and support they provide. At Focus 2024, LPL shared its priorities for helping financial advisers and institutions advance their businesses by providing personalized support that enables custom client experiences and leverages innovative technology.
In an attempt to address technology integration and optimization needs, LPL introduced a comprehensive “Tech Consulting” service designed to evaluate and improve an adviser’s technology stack. Whether an adviser is looking to evolve technology or optimize existing systems, LPL’s service aims to streamline operations and enhance digital client interactions.
Tech Consulting is among an expanded suite of business solutions that LPL announced last week, all designed to help financial advisers and institutions more effectively manage and grow their wealth management practices. LPL said the suite, which has grown from three to 14 services over the past six years, is expected to reach 20 by year-end, and includes services co-designed with advisers.
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