How Two Advisors Amplified Their Businesses Using LPL’s Services

We regularly hear from advisors about their struggles of running a business while reaching for their next level of success, and how these demands dictate how they spend their valuable time, energy, and focus.

A recent industry-wide study revealed that advisors spend 22.1 hours per week on administrative and back-office tasks, which makes up 41.4% of the typical 53.3-hour advisor workweek. These tasks ranged from planning analyses and meeting preparation to office scheduling and general paperwork.* To serve clients effectively, these and many other tasks must get done. One advisor recently learned she didn’t have to do it herself.

Reclaim time

A sole practitioner, Donalee Gonzales of Mountain View Financial, was used to doing everything herself until administrative tasks began to take hold of her calendar. A game-changing realization came after she began to track how she spent her hours. Her time had an associated cost, and much of it was spent on tasks that wouldn’t generate growth. She decided to take the step—which felt huge at the time—and delegate.

When asked what drew her to seek help from Admin Solutions rather than hiring a staff member, Gonzales explained: “I wanted someone who had already had LPL training and experience. I liked the idea of not having to go through the hiring process only to have to spend time teaching them all the things that I'd been doing. Admin Solutions really solved that problem for me.”

By working with Admin Solutions, Gonzales gave herself the gift of time back time in her schedule. She used that time to develop better client relationships.

Achieve scale

As another example, Don Morgan of Independent Wealth Connections, leveraged LPL's services to amplify his practice.

To ensure that he signed on two new financial clients every week, Morgan scheduled three prospective client meetings daily. However, he knew that if he brought in too many clients too quickly, he might overwhelm his staff and compromise the quality of his plans.

Hiring more in-house staff didn’t align with Morgan’s business strategy. The increase in salary and benefits could create a drain on enterprise value, and the time spent on recruiting and training could be better spent on serving clients. Paraplanning Services had the solution to his growth dilemma.

Gonzales and Morgan are just two of the many advisors who amplified their practice with the help of LPL’s services.

^{* "How Do Financial Advisors Actually Spend Their Time And The Limitations Of Productivity?" Kitces.com, March 18, 2019}

^{The views and opinions expressed by the LPL Financial Advisor may not be representative of the views of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered. Mountain View Financial, Independent Wealth Connections and LPL Financial and separate entities.}