The Art of Differentiation in the Advisor Marketplace – A Conversation with Ken Hullings, LPL Financial
The advisor marketplace is in a state of flux. The question is, where is the market heading in this ever-changing ecosystem? And what trends should advisors be paying attention to the most?
It’s something that Ken Hullings, LPL Financial’s Executive VP of Enterprise Business Development, is in a prime position to speak about. Ken’s team takes a personal, consultative approach to helping wealth management executives and leaders to enable them meet their objectives and then some. Thanks to conversations with over 20,000 advisors last year, the team more than understands the needs and concerns of today’s advisor.
And Ken shares those insights with Beacon Strategies’ Managing Director Chip Kispert on a recent Beacon Flash podcast episode. “We get to hear a lot of what is on their mind,” says Ken, “What are they worried about? What are they looking for?”
Today’s advisors are keen to explore different options, Ken explains, and the movement of advisors is coming back after last year’s market volatility saw that movement slow down. “It’s back to what we would call the normal market,” he says, “around five to six percent of advisors in motion every year.”
Ultimately, notes Ken, advisor behavior is always going to be driven by investor behavior, which means advisors are looking for firms that are ahead of the curve in things like digital tools and aggregation.
Differentiating themselves is key to keeping up with investor behavior and demand, and Ken shares a number of suggestions to help achieve that differentiation. Do you have the time that you need to build and strengthen client relationships, for example? Do you have the technology solutions to deliver what they need?
“Can I provide my clients a great experience? Can I get to know them and their families deeper than anyone else? And do I have solutions that can help them achieve what they’re looking to achieve?”
LPL believes the best outcomes for investors come from working with an advisor, but advisors need more than just great relationships to differentiate themselves from the competition. That’s why last year alone the firm invested over $300 million in new technology capabilities.
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