Press release
Wealthtech and AI High Among Advisor Priorities at LPL Financial’s Focus 2024
LPL unveils enhanced technology tools to improve the advisor and investor experience, while strengthening its Wealth Management Solutions offering SAN DIEGO,
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":"LPL unveils enhanced technology tools to improve the advisor and investor experience, while strengthening its Wealth Management Solutions offering\nSAN DIEGO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The first full day of LPL Financial LLC’s annual flagship conference, Focus 2024, is under way at the San Diego Convention Center today. Renowned throughout the wealth management industry, LPL’s Focus conference convenes one of the largest gatherings of financial advisors and industry professionals and curates content and experiences from LPL’s broad portfolio of offerings as well as from leading partners in financial technology, services and products. The LPL community of financial advisors and institutions collectively serves 5 million American families, helping them navigate uncertainty, keep their goals in focus and pursue their financial dreams. According to Cerulli, the value of advice is increasingly taking hold in investors’ minds, with 63% of respondents indicating a willingness to pay for advice, up from 38% in 2009. Since 2009, investor interest in formal financial plans has increased from 38% to 54% of respondents.1 “As the need for personalized financial advice grows, advisors are seeking ways to manage this demand while maintaining high levels of client service,” said Greg Gates, managing director, chief technology and information officer. “Our role to help enable their success is to bring innovative ways AI can transform how we all work, ensuring our advisors’ time is prioritized for client engagement.” Financial advisors are bullish on artificial intelligence tools that could help them gain more insight and become better informed and more efficient in their role. And 9 out of 10 financial advisors believe AI can help grow their book of business organically by more than 20%, according to the 2024 Accenture AI in Wealth Management Report. 2 While noting advancements in the automation of repetitive activities, Gates added, “As AI capabilities develop, we expect its functionality to extend beyond the back-office to nearly all applications across wealth management, generating more personalized experiences, improving overall efficiency and elevating the value of financial advisors to their end-clients.” LPL is actively piloting a tool that applies AI through secured systems to analyze client data and generate customized insights ...