Aneri Jambusaria, Managing Director of LPL Financial’s Services Group, identifies three key factors that determine the success of advisory firms as they grow. These factors are growth, efficiency, and resiliency. Jambusaria explains that LPL’s research on top-performing practices emphasizes the importance of these factors, and as a result, the firm is introducing new programs that focus on them to help advisors improve and grow their businesses.
Jambusaria, who has been with LPL for over three years after spending eight years at Fidelity Investments, also serves as a judge for ThinkAdvisor’s LUMINARIES industry awards program. In a recent email interview, she discussed what advisors should be doing today to position their practices for the future.
According to Jambusaria, LPL’s research on top-performing practices shows that advisors with strong marketing capabilities and those who invest in building their client service capacity are best positioned to attract and retain more clients. She notes that with the advisor-centered wealth management industry expected to grow from $27 trillion to $35 trillion in assets over the next decade, advisors who focus on growth, efficiency, and resiliency will be better equipped to capitalize on this trend.
Aneri Jambusaria, managing director of LPL Financial’s Services Group, has identified three factors that determine the success of advisory firms: growth, efficiency, and resiliency. While growth is often discussed, efficiency and resiliency are equally important. Advisors should consider how they spend their time and how their office operates.
Administrative Solutions and Paraplanning Services can help advisors free up time for high-value work. Successful advisors have diverse revenue streams, including charging for financial planning to weather market ups and downs. They also have a long-term succession plan in place to ensure they are protected in case of unforeseen events. LPL is helping advisors execute on insights to drive impact, not just providing ideas and insights.
Insights from Aneri Jambusaria and LPL Financial
According to Aneri Jambusaria, managing director of LPL Financial’s Services Group, advisory firms face three main factors that determine their success as they grow: growth, efficiency, and resiliency. While growth and efficiency get a lot of attention in the industry, resiliency is also important, especially in the current market environment. Successful advisors have diverse revenue streams and plan ahead with long-term succession plans. LPL’s services portfolio provides advisors with execution muscle in areas such as client administration, marketing, finance and accounting, and financial planning.
The firm’s goal is to offer high-quality alternatives to local providers, which may not be as skilled in working with wealthy businesses or may have competing priorities. Early signs show that advisors who use LPL’s services grow on average 28% faster than their peers. One industry trend that is affecting LPL’s advisors is the fintech boom, and the firm is piloting new services to help advisors unlock more value from their technology and drive more successful wealth businesses.
Aneri Jambusaria, the managing director of LPL Financial’s Services Group, has identified three primary drivers of successful businesses in the advisory industry. These drivers are growth, efficiency, and resiliency.
Key Factors and LPL Financial’s Approach
According to Jambusaria, the most successful advisory firms are those that have strong marketing capabilities, invest in building their client service capacity, and have diverse revenue streams. Additionally, resiliency is crucial, and successful firms have a long-term succession plan in place. LPL Financial is focused on providing services that help advisors execute on insights and drive impact in areas such as client administration, marketing, finance and accounting, and financial planning.
LPL is also piloting new services to help advisors unlock more value from their technology and ultimately drive more successful wealth businesses. In the current landscape, clients are most interested in working with advisors who are well-positioned to thrive in challenging economic situations. LPL aims to be a trusted partner to support advisors when their clients need peace of mind.