Every day, any security has the potential to impact the financial markets and, in turn, financial advisors and institutions offering wealth management services and investors. As uncertainty continues to be a constant in the industry, the Bank Insurance and Securities Association (BISA) recently reached out to Shawn Mihal of LPL Financial about his team’s approach to dealing with market unknowns. Shawn is the Executive Vice President of Institutional Services Relationship Management at LPL and is focused on trying to lead with optimism instead of dwelling on “what ifs”.
According to the BISA article, the financial advice market is expected to grow by approximately $10 trillion over the next decade and LPL believes that banks and credit unions have a unique opportunity to serve their customers and their members.
LPL bullish on financial advice
“Financial advice is essential to help people plan for their financial future,” Mihal told BISA. “We are incredibly optimistic about the future of financial advice and our commitment to providing evolving platforms and services to help position our partners and their clients and members for financial success. As financial needs continue to evolve , the same applies to the services offered by our institutional partners.As we have seen the current trend of transaction-based activities towards deeper and more holistic financial advice, advisors are able to come closer together than ever before. customers to build deeper relationships and provide new ways to create value.
Mihal then explained to BISA how LPL Financial is adapting to provide banks and credit unions with the resources they need to meet the demands of their clients seeking personal wealth management advice. “In recent years, customer expectations have expanded beyond traditional in-person experiences toward robust, omnichannel, journey-focused digital support,” he said. “The entire financial services industry is changing and we recognize that change is constant, transparency is imperative and collaboration is crucial. Advisors and institutions need a partner they can rely on, one who is supportive, flexible and well positioned to support future growth and evolution.
LPL is here to help institutions and advisors
We will introduce new business concepts and modern digital capabilities for end clients to help institutions and advisors deliver an even more rewarding experience for their clients and members. We develop tools to accelerate meeting preparation and information, improve communications and alerts with intuitive digital capabilities, advance e-signature processes, and deploy more efficient money and account movement functionality. We are also continuing our efforts to unify the wealth management offer within the institutions, through the investment and trust programs.
The IBSA article also highlighted LPL’s perspective on another trend in investment programs for financial institutions: outsourcing. “We expect to see an increase in market trends such as outsourcing investment programs to a third party like LPL for all wealth management solutions,” Mahal said. “As this trend continues, the needs of institutional partners will be driven by flexibility, including the flexibility to design and configure their wealth management programs to deliver a differentiated experience for their clients and members.
LPL Financial offers banks and credit unions complete solutions for investment programs, including:
- Program Manager and Advisor Resources: Access to business support and development resources, as well as in-depth research, training and technology.
- Scope and Scalability: Our technology provides your institution and your advisors with competitive flexibility and adaptability.
- Reinforced self-compensation and advisory platforms: Fast and efficient trading, combined with a wide range of products and services, can engage and maintain investor accounts of all sizes.
Discover all the resources and collaboration that LPL Financial offers banks and credit unions.
The views and opinions expressed by the LPL Financial representative are not indicative of future performance or success. LPL Financial cannot be held liable for any direct or incidental loss incurred in applying any of the information offered.
BISA and LPL Financial are separate entities.