News, Vision & Voice for the Advisory Community


Victor Fetter turns his guns on LPL's thorniest software challenge -- 21st century performance reporting

The former Dell guru eschews a best-of-breed strategy as his firm plays a game of catch-up under a big tent

Author Lisa Shidler April 21, 2014 at 3:36 AM
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Victor Fettter: We believe there's a special sauce that LPL can provide and I don't think there's one size fits all.

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Mentioned in this article:

LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold

Finetooth Consulting
Consulting Firm
Top Executive: Ryan Shanks

Consulting Firm
Top Executive: Bill Winterberg

Commonwealth Financial Network
RIA-Friendly Broker-Dealer, Tech: Other
Top Executive: Wayne Bloom

Technology Tools for Today
Consulting Firm
Top Executive: Joel Bruckenstein

Financial Planning Software
Top Executive: Atindra Barua

FA Match
Consulting Firm, Specialized Breakaway Service, Recruiter
Top Executive: Ryan Shanks

Stephen Winks

Stephen Winks

April 21, 2014 — 9:11 PM

The point that is consistently missed is more modern approaches to portfolio construction that (a) facilitate continuous comprehensive counsel required by statute (b) at far lower cost, (c) facilitate the management of a far higher degree of portfolio detail, (d) entail the expert management of investment and administrative values far beyond the human capability to reason and (e) afford far better advisor compensation at a lower cost to the consumer, render obsolete the flipping of expensive packaged products with no broker accountability or ongoing responsibility.

The solution for most of the competitive challenges faced by broker/dealers is to go far outside the business of distributing products in the broker/dealers best interest to addressing and managing investment and administrative values in the client’s best interest.

In a free market the consumer’s best interest always has won since Adam Smith introduced “the invisible hand” in 1776. The future is in individualized advice of fiduciary standing not in a series of disjointed unrelated transaction where it is not possible to determine whether value is added. Is LPL simply a product distribution firm or an advisory firm that actually adds value and can prove it? The strategic implication of this question will determine LPL’s success.




April 24, 2014 — 8:44 PM

It’s not just build vs. buy of the actual report generation software. Report building tools are advanced enough to where it’s not a major expense. These two primary factors drive the decision:

1. LPL, being a broker/dealer, is liable for report contents, whereas third party reporting solution companies are not. They are basically just providing a tool, and whatever is generated out of it, is advisor’s responsibility to validate. In contrast, LPL is responsible for oversight of advisor activity and the content of the report, which is a completely different ball game.

2. Data quality is one of the main consideration in reporting. The effort and cost to generate reports with accurate data does not vary greatly between the two options, e.g. it would be roughly the same to manage data quality internally, by company A, or by company B, as everyone starts with the same input data more or less. It is however the main obstacle, and the cost of data quality management outweighs the cost of report generation by orders of magnitude. Experience shows that it is in fact better to do it internally, as internal staff are much more verse with the data than an outside company.



June 26, 2014 — 12:52 PM

The dock’s integrated iPad stand steps a pair of inches tall, producing it a complicated fit for quite a few roll-away computer technique desk keyboard trays. That stated, a desktop may be the normal habitat for this keyboard. With its grippy rubber basis and 1.4 lbs, heft, the whole concern has become purposefully produced to remain placed and strengthen the iPad in opposition to tipping above nevertheless you poke during the outcome screen display screen.



June 26, 2014 — 2:24 PM

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