LPL Financial Launches Curated AI Solutions for Advisors

LPL Financial LLC, a leader in the wealth management industry, is helping its advisors spend more time on what matters with the launch of a curated program – AI Advisor Solutions – designed to help advisors maximize their days, deliver bespoke client experiences, and leverage data to provide more sophisticated and personalized financial advice.

Nearly a third of financial advisors say they do not have enough time to spend with clients, according to J.D. Power’s 2023 U.S. Financial Advisor Satisfaction Study. Advancements in the automation of repetitive activities and the potential of generative artificial intelligence (AI) have sparked hope for strapped entrepreneurs.

Four vendors are now available to LPL’s community of financial professionals, representing some of the most innovative thinking in fintech. Each of the vendors has been piloted and launched to LPL’s advisors and institutions, with more on the way:

• Making meetings matter with Jump: An AI meeting management platform cuts administrative time significantly and improves the client and advisor experience by powering agendas, notes, CRM updates, task management and more.
• Supercharging advisors’ desktops with Microsoft 365 Copilot: This embedded tool helps advisors maximize Microsoft Office 365 workhorse tools like Outlook, Word, Excel and PowerPoint. Generative AI features include content generation, calendar management, email drafting, image and design suggestions, research assistance, grammar and spell check, speaker notes assistance, pivot table creation, and more.
• Streamlining social media with FMG Mobile: An AI-powered social media assistant helps advisors create engaging content to delight clients and prospects. The app streamlines the toughest part of sharing news and updates, writing the copy. Within the app advisors can leverage FINRA-reviewed content, breaking news, real-time market updates, and share content seamlessly and compliantly.
• Wrangling macro research with FactSet: This transcript assistant helps advisors stay on top of key developments across dozens of U.S. companies during earnings season by leveraging auditable, AI-generated transcript summaries for guidance, key themes and research. Advisors can pocket time that was previously spent listening to and summarizing calls. 

Kristie Edling-Day, executive vice president and chief information officer at LPL, said, “What makes AI so transformational is that it embodies the essence of innovation: solving a known problem in a new way. And the big problem for financial advisors is time. That’s why vetting solutions across a variety of scenarios has been a priority at LPL, so that we can help advisors balance time-saving AI solutions with compliance and regulatory risk management.”

“As the need for personalized financial advice grows, advisors are seeking ways to alleviate the time crunch while maintaining high levels of client service,” said Greg Gates, managing director, chief technology and information officer at LPL. “With AI Advisor Solutions we have sifted through the fintech noise to identify top tools that can transform how we all work, improving overall efficiency and elevating the value of financial advisors to the investors and families they serve.”

Gary Carrai, chief product officer at LPL, added, “As AI capabilities develop, we expect functionality to extend beyond the back-office to nearly all applications across wealth management, and at LPL we are excited to help our advisors implement AI to run thriving businesses.”

LPL’s AI Accelerator program supports the firm’s goal to incorporate and deliver AI solutions that have a tangible and immediate impact on advisors’ businesses. In addition to providing advisors a curated selection of third-party AI vendors, LPL is also actively piloting a program that applies AI to generate customized insights to shape personalized financial planning, as well as a streamlined new client onboarding process powered by AI.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that the firm should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

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Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

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