News, Vision & Voice for the Advisory Community


LPL Financial lets go of David Reich to pull its crucial $135-billion 401(k) division into a central service and branding sphere

The head of the unit exits amid advisor chatter that the hyper-channelization of LPL sometimes makes six phone calls necessary when one would do

Author By Lisa Shidler
June 26, 2017 at 9:34 PM
no description available
Bill Hamm: From what I’ve seen it can only bring positive changes.

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How a white senior vice president at an LPL OSJ came to hire a former black minister as recruiter despite the latter's pledge to make it 'uncomfortable' at times

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Mentioned in this article:

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

Technology Tools for Today
Consulting Firm
Top Executive: Joel Bruckenstein

Independent Financial Partners
RIA Serving Other RIAs
Top Executive: William Hamm

Stephen Winks

Stephen Winks

June 28, 2017 — 12:53 PM
LPL is just to first in a vanguard of firms to get the message in the new fiduciary construct that the industry's focus is moving away from product to a unifying prudent process (asset/liability study, investment policy, portfolio construction, performance monitor, etc., authenticated back to statutory duties) necessary for professional standing in rendering advice. Products are fungible. The by product is streamlining cost and an unprecedented level of investment and administrative counsel which is appropriate for every investor/market segment. The skill is in managing the unifying process. The expert management of the full range of investment and administrative values for an unlimited number of individualized accounts is achieved by machine learning algorithms in each client's best interest in accord to client preference. Wall Street is fighting this shift in focus yet it is indisputably in the client's best interest. This is because it requires the broker to be accountable for ever recommendation the broker has ever made and requires advanced technology which outdates expensive conventional (commission) brokerage infrastructure. Dan Arnold is on the verge of empowering its advisors with a preemptive value proposition at far lower cost to the consumer without affecting advisor compensation. SCW

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