LPL Advisors Share the Value of Better Bookkeeping

Up-to-date and accurate bookkeeping is essential to running a successful business. We spoke with two experienced LPL advisors who shared their bookkeeping experiences and how partnering with LPL’s Bookkeeping Services provided the right support for their business operations and personal values.

Tailored support and time back for what matters most

As a self-described Type-A personality, Tennessee-based advisor Carrie Turcotte was looking to take control of her books and her time. “Despite intentional effort, I’m not an accountant, and I was spending way too much time on minutiae—even while working with a skilled accountant,” she says.

This led her to partner with LPL’s Bookkeeping Services. Her bookkeeper provided her the accurate reporting she needed to streamline her operations and get a clear picture of her business performance. Of her LPL bookkeeper, “She has extensive knowledge of the industry and the complexities of our work—what our expenses look like, our revenues, our loans—and that’s helpful in ways I never realized," Turcotte shares.

Knowing that her bookkeeper is dedicated to supporting her as an LPL advisor, with extensive experience with LPL’s commission statements and professional knowledge of wealth management industry standards, Turcotte is able to make confident decisions to drive her business forward. “I’m now at a place where the financial data's there to work on the budget for next year," she says. "They gave me confidence that all the details have been handled. Whether that’s adjustments for interest, or amortization, depreciation, or so many other things—I can really get a clean look at what the taxable income is versus the cash flow income,” she continues.

With bookkeeping off of her shoulders, she was able to allocate the time-savings to focus on her clients and family. “What I get to do with my extra time is just incredible,” she says. “After trying Bookkeeping Services and realizing how much time it saves me, I would never give it up. It’s a necessity for running an efficient practice." 

Consistent and accurate reports for better forecasting and practice growth

As one of LPL’s Bookkeeping Services early adopters, Minnesota-based advisor Mark Hegstrom works with a niche clientele that depends on precise data, so he understands the importance of the books. “We often help business owners with succession planning, including an exit strategy,” he says. “When people are considering purchasing a business, they want accurate and consistent books. Bookkeeping Services delivers that for my own business.”

Hegstrom says Bookkeeping Services’ timely and accurate reports also help with forecasting. “We were able to add staff to help manage our growth, rather than wait for growth and add people. The only way you can do that is with solid numbers.”

And, Hegstrom notes, he can now, “rest easy that at the end of each month, my accounts are reconciled.” Something he says “that wasn’t always done in the past.”

^{The views and opinions expressed by the LPL Financial Advisor may not be representative of the views of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered. Northshore Financial Strategies, Waterfront Financial Group, and LPL Financial are separate entities.}