Inside Focus 2020: How Diversity and Technology Drive Advisor Growth in 2020

In 2020, financial advisors are experiencing unprecedented growth opportunities fueled by advancements in technology and a stronger focus on diversity. The LPL Focus 2020 conference highlighted how inclusive recruiting and cutting-edge digital tools are reshaping the advisory landscape, enabling professionals to connect more effectively with prospects and deliver superior client outcomes.

Embracing Diversity to Unlock New Markets

The financial services industry is evolving with a clear emphasis on diversity and inclusion. Focus 2020 underscored the importance of recruiting advisors from varied backgrounds and crafting talent acquisition strategies that prioritize inclusivity. Dedicated sessions explored best practices for engaging authentically with African American, Hispanic, LGBT, and women investors, reflecting the industry's commitment to broadening its reach.

"As leaders, we have a responsibility to drive positive change within our sector," says Kathleen Zemaitis, Senior Vice President of Advisor Diversity and Inclusion at LPL Financial. "Our goal is to empower advisors to provide objective, trustworthy financial guidance to a more diverse investor base." To support this mission, LPL introduced innovative tools designed to help advisors penetrate new markets and foster meaningful connections, alongside exclusive networking opportunities with leadership.

Advanced Technology Enhances Advisor Efficiency and Client Engagement

With fintech disrupting traditional financial services and threatening up to 22% of conventional asset and wealth management by 2020, Focus 2020 emphasized the critical role of adopting digital innovations. Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, spotlighted social media's power as a direct channel for expanding advisors' reach and generating quality leads.

Beyond lead generation, technology solutions showcased at the conference aim to boost operational efficiency by reducing administrative burdens. Given that advisors spend over 40% of their time on non-revenue tasks, tools compliant with SEC and FINRA regulations, such as secure texting platforms, are helping free up valuable time to focus on client growth.

LPL President and CEO Dan Arnold highlighted the transformative impact of streamlined workflows, citing the ClientWorks platform which reduces new account onboarding time by 30% through simplified data entry. Such innovations are revolutionizing how advisors allocate their time and resources.

Simplified Monetization and M&A Processes Empower Advisor Success

Technology is also simplifying complex processes like mergers and acquisitions, a growing trend fueled by recent tax reforms and regulatory changes. LPL's comprehensive end-to-end solutions assist advisors throughout valuation, deal structuring, and integration stages, easing the burden of M&A activities.

"Our objective is to alleviate operational complexities so advisors can concentrate on their core business," explains Greg Cornick, Executive Vice President of Finance and Head of Advisor Financial Solutions at LPL. Additionally, LPL offers monetization options including capital access and resources that support advisors during unplanned business exits.

By combining a focus on diversity with technology-driven solutions, Focus 2020 demonstrated how advisors can unlock sustainable growth and deliver enhanced value to their clients in today’s dynamic financial landscape.

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