How financial advisors can meaningfully integrate artificial intelligence (AI) into their business is one of the focus areas of LPL Financial’s annual flagship conference, Focus 2024, which kicked off today at the San Diego Convention Center.
“Our role to help enable their success is to bring innovative ways AI can transform how we all work, ensuring our advisors’ time is prioritized for client engagement.”
LPL Financial’s Greg Gates
LPL Financial is actively piloting a tool that applies AI through secured systems to analyze client data and generate customized insights to shape personalized financial planning, and a good portion of the agenda at this week’s event is devoted to the topic.
“As the need for personalized financial advice grows, advisors are seeking ways to manage this demand while maintaining high levels of client service,” said Greg Gates, managing director, chief technology & information officer at LPL. “Our role to help enable their success is to bring innovative ways AI can transform how we all work, ensuring our advisors’ time is prioritized for client engagement.”
Financial advisors are bullish on artificial intelligence tools that could help them gain more insight and become better informed and more efficient in their role. According to the 2024 Accenture AI in Wealth Management Report, nine out of 10 believe AI can help grow their book of business organically by more than 20%.
While noting advancements in the automation of repetitive activities, Gates added, “As AI capabilities develop, we expect its functionality to extend beyond the back-office to nearly all applications across wealth management, generating more personalized experiences, improving overall efficiency and elevating the value of financial advisors to their end-clients.”
Largest Focus event to date
The three-day Focus conference, one of the largest in-person gatherings of financial advisors and industry influencers, brings together curated content from leading wealth management professionals, fintech partners and investment services providers.
In addition to AI, the agenda features more than 200 breakout sessions on topics ranging from cybersecurity, alternative investments and behavioral finance to estate planning, succession planning and client segmentation for personalized marketing. An expansive conference expo offers practical demonstrations of cutting-edge technology and resources provided by LPL Financial Home Office teams and over 130 sponsoring partners.
“We are thrilled to gather in San Diego for the largest Focus event in LPL history. We define our success through the success of more than 23,000 financial advisors, including advisors at more than 1,000 institutions,” said Dan Arnold, president and CEO, LPL Financial.
With total advisory and brokerage assets increasing 21% year-over-year to $1.5 trillion in Q2 2024, LPL continues to differentiate itself through strong growth, innovation and a full suite of affiliation models that offers personalized solutions for financial professionals.
See Also:
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.