Digest March 31st

LPL Financial’s New CEO Aims for Expansion

Rich Steinmeier, who assumed the role of CEO at LPL Financial in October, has outlined ambitious plans to transform the firm from an independent broker-dealer into a formidable competitor against industry giants like Merrill Lynch and Morgan Stanley. Managing 29,000 financial advisors and $1.7 trillion in assets, Steinmeier’s strategy focuses on investing in capabilities, enhancing efficiency, and fostering employee appreciation to attract and retain top talent. He believes that market volatility may drive more clients to seek financial advice, positioning LPL advantageously. ​Barron’s

Edward Jones Introduces Alternative Investments for Wealthy Clients

Edward Jones is expanding its services for high-net-worth clients by introducing alternative investments, excluding cryptocurrencies. Managing Partner Penny Pennington emphasized the firm’s commitment to providing an exceptional experience through client segmentation. The new offerings will include alternative investments like private credit, enhancing banking and lending services. Despite these changes, Edward Jones remains dedicated to serving its core clients with $250,000 to $5 million in investible assets. ​Financial Planning

Financial Advisors Emphasize Holistic Client Experiences

Dennis Moseley-Williams, in a recent discussion, highlighted the importance for financial advisors to shift from merely providing services to creating meaningful client experiences that prioritize well-being. This approach involves rethinking value and loyalty, focusing on genuine client desires. By transitioning from transactional models to transformational ones, advisors can compete based on meaning rather than price, enhancing client satisfaction and retention. ​Investopedia