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
Victor Fetter, Chief Information Officer, Managing Director, Business Technology Services
Mark Casady, Chief Executive Officer, Chairman
Boston, Mass.
Financial Services (e.g. Banking, Broker and Dealers, Exchanges)
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