As the retirement advisor industry readies for the most significant change in a generation, the nation’s largest independent broker/dealer has unveiled a new organizational model.
The firm says the change – one that will be evolving over the next several months – involves a new, unified strategy that aligns the teams supporting specialized clients, including retirement plans, high-net worth, insurance and trust businesses – and does so in a way that LPL says will enhance its ability to support advisors as they manage and grow their businesses.
Bill Beardsley, SVP, Business Development, Retirement Plan Consulting, explains that the previous structure, while supporting each of those key businesses, was more siloed. “We were aware of the other (businesses),” explains Beardsley, who joined the firm in 2013, “but we weren’t necessarily getting together.”
The new unified structure, Beardsley says, will provide a better ability to holistically support the broadening focus of their advisor network, helping bring the resources the organization has generally made available to its network of 1,700 retirement plan specialists to the roughly 14,000 advisors at LPL. Previously, these specialized business areas were structured in a way that delivered direct support to advisors serving these niche markets. Moving forward, LPL intends to unify these groups into one common business unit that will provide sales and support to all advisors and institutional clients.
“In a post-DOL world, we believe advisors will need to align to a financial planning model to increase their value to investors,” noted Beardsley. “We believe unifying these business units to deliver a full suite of specialized services and resources will help our advisors grow their businesses and will be a differentiator in the market.”
Not that LPL plans to pull back on its focus on the qualified plan business. Rather, Beardsley says the organization hopes to leverage its current capabilities, anticipating that its retirement business will become even more relevant to the business overall in the months to come.
LPL has tapped Steve Lank, previously EVP of Operations within LPL’s Service, Trading and Operations team, to build and lead the new integrated team as EVP, head of Sales Operations and Support.
Dave Reich, EVP, National Sales and Consulting, will leave LPL effective June 30 to pursue new opportunities. “Dave has been a great leader,” noted Beardsley. “He shepherded us through our preparations for the fiduciary regulation, and has put us on a great path for future success.”
