A Mature Practice Focused on Efficiency

Phil Hilf, a seasoned financial advisor based in Monroeville, Pennsylvania, has been in the industry for decades. As his practice matured, Phil and his partner began to focus more on efficiency rather than aggressive growth. They found that LPL’s Partial Book Sales program not only aligned with their goals but also provided a smooth and beneficial transition for both their clients and their business.

“What we're trying to solve for mostly is time and efficiency and making our lives a little bit easier, if at all possible. We're really looking to be more efficient, be more thoughtful, and more selective,” Phil explains.

The Decision to Transition Clients

Phil and his partner carefully considered which clients to transition to LPL through the Partial Book Sales program. They identified clients who had moved out of state, those whose needs had evolved over time, and those who no longer aligned with their current practice model. This selective approach allowed them to focus their time and resources on clients who required more complex and high-value services.

“What helped us determine which clients to continue to work with and which clients to transition via a partial book sale was a combination of practical and strategic factors. We wanted to ensure that every client continued to receive the service and attention they deserved,” Phil shared.

The Process: Smooth and Efficient

Phil and his team found the tools and support provided by LPL to be invaluable, making the transition seamless and stress-free.

“Our experience with the team and the overall partial book sale process was easy and efficient. From beginning to end, it took maybe three weeks and everything is in one place,” Phil noted.

Key Results:

• Increased Revenue - The impact of Partial Book Sales on Phil’s practice has been significant. Each year they have completed a partial book sale, they have seen an increase in revenue.
• Effective Business Growth - By regularly pruning their practice and focusing on high-value clients, they have been able to grow their business more effectively.
• Continued High Client Satisfaction - The transition has been smooth and positive for their clients. The LPL Wealth Advisors Group has taken over servicing of the transitioned clients, ensuring they continue to receive the attention and care they need.
• Easy to Start - Phil encourages other advisors to consider Partial Book Sales, especially those who are feeling overextended. The process is straightforward, and LPL provides ample support and resources to guide advisors through it.

A Simple and Supported Process

“I would tell another advisor to strongly consider it and look into it. Go to the tool, click around. They make it very easy. Once you start working on it, you’ll receive an email from somebody saying, 'We noticed you’re working on it. Is there anything we can do?' There’s a lot of attention, a lot of help available if you need it. But it’s really a simple process.” Hilf advises.

For Phil Hilf and his partner, LPL’s Partial Book Sales program has been a game-changer. It has not only freed up their time and resources but has also led to increased revenue and client satisfaction. The process was smooth and well-supported, making it a strategic tool for practice management.

If you’re feeling stretched thin and looking for a way to optimize your practice, LPL’s Partial Book Sales might be the key to achieving your goals. Contact us today  to learn more and see how this program can benefit your business and your clients.

Tracking #800975