LPL Chief Urges Advisors To Work More Efficiently To Woo Middle-Class Clients

Thursday, May 12, 2011 06:48
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LPL Chief Urges Advisors To Work More Efficiently To Woo Middle-Class Clients

Tags: LPL | practice management | profitability

Mark Casady sees streamlined advisory processes as the key to growing the industry beyond its current markets without sacrificing profitability.

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In his comments opening the Money Management Institute's ongoing conference, Casady urged firms to cut their internal costs in order to offer a cheaper solution to families with under $1 million to invest.

 

He suggests technology and an "a la carte" menu-style approach as possibilities for how this can be achieved on a profitable basis.

 

Under those parameters, he thinks the problem in the industry is not too many advisors chasing a fixed number of ultra-wealthy clients, but too few advisors to satisfy all the pent-up demand out there for professional advice.

 

The more efficient today's advisors can become in serving that bigger market, the better the outcome for the industry, he seems to be saying.

 

Great review of his commentary here.

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