How you can add value, deepen client relationships, and thrive.

Our 2024 Focus conference in August welcomed LPL financial professionals from all over the country for three full days of learning, connecting, and finding ways to be better at what they do every day. Whether you were able to attend Focus or not, we want to share a few of the hot and helpful topics from our gathering.

 

1. Stay nimble by confidently evolving your portfolios.

If you’re not running a models-based practice, this may be the time to start. A models-based approach means you use a single set of models for all your clients - either your own or third-party manager models - rather than customized portfolios for each one. You’ll still offer your clients the benefits of your specialized approach but spend far less time on investment management. If you’d like to move toward a models-based practice, you have many helpful tools available at LPL, such as:

 

2. Increase your value to your clients by helping to mitigate their tax burden.

The complexity of our tax environment continues to skyrocket, as evidenced by the sheer number of pages in the federal tax code. We know this complexity weighs on your – and your clients’ – minds. We see the best and most successful wealth managers taking proactive steps to improve after-tax outcomes. You have a significant opportunity to expand your offerings in this area – and thus your value to your clients. Some ways to do this today include:

  • Auto Loss Harvesting in MWP, which allows you to enroll an account – at no additional cost – to have losses harvest automatically on a monthly, quarterly, or annual basis. The harvested proceeds can be left in cash or invested in an ETF aligned with the model so the client remains invested in the market, while avoiding the 30-day wash sale rule.
  • Working with LPL’s High-Net-Worth Services team to help clients mitigate future transfer taxes through estate planning. The Tax Cuts and Jobs Act of 2017 is scheduled to expire at the end of 2025, so it’s a great time to address this topic with clients. The team has specialists with deep experience in areas like advanced planning, estates, philanthropy, and trusts. They can work with you to understand the implications of the TCJA expiration on your clients.

 

3. Deepen your client relationships with financial planning.

Today’s clients expect more than just an investment portfolio. By offering them robust planning services, you’re building a solid foundation that secures client loyalty as you help them pursue their financial goals now and into the future, while enabling you to uncover new asset-gathering opportunities and expand your practice.

Financial planning also offers a great way to redirect your clients’ focus from short-term market movements to pursuing their long-term financial goals. There is no better time to use financial planning to help your clients see the big picture. You can expand your planning services by leveraging LPL’s resources like:

  • Financial Planning Consulting to guide you through ways to improve your planning practice infrastructure. The team can also review your client's unique financial circumstances and objectives in order to identify opportunities and brainstorm strategies.
  • Paraplanning Services, a comprehensive solution that puts a qualified financial planner on your team without increasing your payroll. Deliverables are tailored based on the investor’s complexity and goals and your use case.

We hope this quick recap was helpful. If you want to take a deeper dive into more options for growth and efficiency, check out LPL Business Solutions.

 

For advisor use only. Not for use with the public. LPL Financial Member FINRA/SIPC

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