2016 Winner Profile

LPL Financial

Project Description:
With a 40 percent rejection rate of alternative investment trades and a tedious process to place a successful trade with a sponsor, LPL Financial sought to improve the advisor experience, ensure proper compliance practices and ease the operational burden on back-office teams. LPL's technology team created a streamlined, intuitive and automated prototype that has reduced NIGOs (not in good order requests) by 80 percent. The system provides advisors interactive feedback on the suitability of an order; supports e-signatures; and includes built-in controls to ensure proper governance, risk and compliance measures for all AI purchases. As a result, NIGOs plummeted from more than 40 percent to 6 percent and the advisor-client experience improved, thanks to a reduction in returned paperwork. Early indicators show that the automation of multiple LPL back-office processes will also result in significant resource savings.
Business Functions:
Asset Management or Maintenance, Customer Service or Support, Order Processing or Fulfillment
Business Goal:
Customer Experience, Operational Impact, Regulatory Compliance
CIO:
Victor Fetter, Chief Information Officer, Managing Director, Business Technology Services
CEO:
Mark Casady, Chief Executive Officer, Chairman
Headquarters:
Boston, Mass.
Industry:
Financial Services (e.g. Banking, Broker and Dealers, Exchanges)
Website:
www.lpl.com
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