LPL built Admin Solutions so advisors can focus more of their time on what they do best. This allows them to grow their practices faster and help more clients achieve financial fitness. Research repeatedly shows that the average advisor spends more than 20% of their time on administrative tasks that could otherwise be spent with clients and prospects.*
Getting that time back sounds great, but in reality it can be scary to take that step toward effective delegation. After all, your book of business is your life’s work. Naturally, you may wonder who you’d work with when you partner with Admin Solutions.
- LPL Admin Solutions employs over 100 full-time Admins
- Admins are located 47% in the Fort Mill, SC (Charlotte Metro) home office, 27% San Diego, and 26% remote in various locations around the country.
- Admins average over 10 years financial industry experience, with roughly a third Series 7 licensed.
- 76% of Admins are hired by LPL from external companies, the majority coming with direct experience supporting advisor offices in the field; the remaining 24% were hired from the LPL Service Center, bringing particular LPL process expertise and established internal relationships.
How might that diverse and seasoned Admin talent impact your practice? Why might you choose this program’s Admins versus other options when moving your practice to the next level of efficiency?
Three major differences make administrative support through LPL Admin Solutions the better choice:
“Swivel chair”: Most advisor practices are small businesses, either literally or functionally speaking. When small businesses directly hire, they are often overwhelmed during the onboarding period. How can the new hire get trained? Who do they go to when they have a question?
Advisors who work with Admin Solutions are assigned pre-trained Admins who also have the built-in benefit of a team environment for support. When an advisor asks them to do something they don’t know how to do, the Admin can just “swivel chair” to get help from their peers without taking time out of the advisor’s day.
- LPL technology and Infrastructure: With LPL’s scale, the Admin Solutions program can take advantage of infrastructure such as entire training and reporting departments that support employee development and accountability, internal management, and support systems such as centralized “how to” documents, etc.
And while each Admin serves more than one office at a time, LPL invests in technology that allows Admins to do more with their time. A recent example is adding ScheduleOnce calendar management software access for advisors in the program.
- Operational flexibility: The nature of the shared administrative service program unlocks a price point that is more accessible. As important, this program is unique in that Admins have the flexibility to prioritize their days, meaning their availability to any individual advisor is not limited to specific time windows within their scheduled shift. Downtime is also minimized.
LPL’s large roster of Admins allows advisors to have continuity in administrative support. If there is turnover, “next up” is already on staff and ready. This is more efficient than directly hiring someone that can take months to find and train.
Furthermore, advisors can avoid worrying about the costs and logistics of training, benefits, etc. while also benefitting from the support based on short contracts (e.g. 6 months). All-in-all, the flexibility of the program allows advisors to keep their options more open as business owners.
By working through LPL Admin Solutions, you can unlock numerous benefits of LPL’s economies of scale that simply would not be possible as a small business. And you can do this without sacrificing your independence that is so core to what LPL enables.
For more information about how the talent of LPL Admin Solutions can help your business, please set up an appointment today.
* 2018 LPL Advisor Benchmarking and Practice Management Study: Lessons for Cultivating Value from Top Advisors
Admin Solutions data points shared are as of September 2020.