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Want to Connect Better? Try Dan Arnold’s Technique

17:40 25 February in Articles Written by Jon Henschen by rafferty

February 22, 2019 By Jon Henschen, ThinkAdvisor  For deeper, longer relationships with clients and colleagues, advisors should take a cue from the head of LPL Financial.   Since 2001, I’ve made over 60 due diligence trips to independent broker-dealers. What stands out are the firms that have the ability to connect, not merely point out their list of strengths. One particular broker-dealer president shared the humble beginnings of his firm. When he and a group of his colleagues felt that their broker-dealers weren’t addressing their needs, they formed their own. They intended to form a broker-dealer “by advisors for advisors,” anticipating that other advisors who shared their concerns would want to be part of that kind of environment. During our discussion, this individual showed vulnerability and transparency as he explained that “early on, we didn’t really know...

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LPL Lowers Pricing on Small 401(k) Platform

18:40 04 December in In the News by rafferty

December 3, 2018 By Diana Britton, Wealthmanagement.com Effective in January, platform fees for advisors serving small retirement plans will be lowered from 20 to 10 basis points. In its latest move to improve pricing for advisors, LPL Financial is lowering the platform fees on its small retirement plan platform from 20 to 10 basis points, effective in January. The firm also added two new recordkeepers to the platform this year and will add more next year. In April, the firm reduced pricing on its Strategic Asset Management advisory platform. The firm also lowered the asset size required to join a hybrid advisory firm from $50 million to $25 million. The firm has also been improving its services to retirement plan advisors. In July, LPL revised the qualifications for its Retirement Plan Consulting Program, allowing more...

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How Dan Arnold Is Driving Change at LPL

19:44 27 November in Articles Written by Jon Henschen by rafferty

November 27, 2018 By Jon Henschen, ThinkAdvisor LPL appears to have had a “come to Jesus” moment of self-reflection, as it grapples with some long-standing issues voiced by advisors. Last year, we were privy to the story of a mid-sized broker-dealer that had been experiencing stagnant growth for years and thus was ready to make the changes required to become a recruiting magnet and reignite growth. Working with a consultant to guide them on this new path, they hired two recruiters and, on the surface, agreed to offer forgivable transition notes to onboarding advisors and cover airfare and hotel for due-diligence visits to the office. But broker-dealer management failed to prepare staff for the consequences of adding a significant number of advisors and how this growth would impact staffing needs and workloads. There was little communication...