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LPL's Robert Moore makes his next moves -- and this time Joan Khoury is out

As LPL seeks its voice as a corporation, the company will go a new direction for marketing with reently hired Morgan Stanley and Russell Investments talent

Author Brooke Southall June 5, 2014 at 11:31 PM
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Joan Khoury will help to transition the people taking her duties.

Women of Wealth Management

Stephen Winks

Stephen Winks

June 11, 2014 — 9:00 PM

If LPL sticks to its new focus on client service and process it will be an absolute home run as the major firms on Wall Street have bet the farm on selling advice “PRODUCTS” and not developing the processes (asset/liabiity study, investment policy, portfolio construction, monitoring and management authenticated by statute), technology, work flow management which would make advice safe, scalable, easy to execute and manage as a high margin business at the advisor level. If LPL gives the advisor control over their value proposition, cost structure, margins and professional standing at lower cost to the consumer and higher compensation than brokers selling inferior advice products under a suitability standard, they will transform the entire industry.

This is not a marketing issue but an issue of substance requiring technical competency and advanced technology.

The biggest inhibitor to innovation in broker/dealers has been a sales culture which largely does not understand that products don’t add value, it is what you do with products, or process, that adds value.

If LPL can pull this off, so that it is clear that it is clear it is not possible to add value through a series of disjointed unrelated (expensive packaged products) transactions—the consumer will finally discover advisors are the route to lower cost, better performance, accountability and responsibility for recommendations—presently not acknowledged or supported by the conventional brokerage format.

Is it possible that we actually have a firm in LPL that will support expert authenticated professional standing ?


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Mentioned in this article:

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

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