advisor-centric: building the foundation for enterprise-wide...

Advisor-Centric: Building The Foundation For Enterprise-Wide

CX At LPL FinancialChris Albertson, SVP – Client Feedback & Experience

LPL Financial Member FINRA/SIPC

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Mission Statement: Our Purpose

We take care ofour advisors so they can take care of their clients.“


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Being An Independent Broker-Dealer

Independent Broker-Dealer vs. Wire House

Encourage Entrepreneurship

Independence and Flexibility

Technology and Service Support

Superior Incentives


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Situation at the Beginning of the CX Journey

▪ LPL has grown rapidly and enjoyed success

▪ Advisors like the independent model but say the firm feels big

▪ LPL has technology and service challenges in meeting advisors'expectations

▪ LPL client metric (Net Promotor Score) has been on a decline

▪ We have a thousand points of light from a variety of feedback channels but no consolidated beam of insight truth


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Detractors Passives Promoters

Independent Advisor Services (IAS) NPS Trend

2012 2013 2014 2015 2016 2017 2018

Q1 2018 NPS

Since 2012, NPS Has Experienced a Steady Decline

Burning Platform


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How We Turned the Ship

▪ Define the Vision: Principles of an Ideal Voice of the Client Program

▪ Create a Client-Focused Organization

▪ Accelerate through Partnerships and Technology

▪ 5 Key Steps to our CX Approach


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Define the Vision

Advisor-centric

Efficient

Easy to Use

Powerful

Tools prioritize important feedback and deprioritize less important feedback

Complement needs and interests of advisors

All mechanisms and channels are “user-friendly” - No matter the user, tools are intuitive and easy to use

Feedback and response yield the most valuable results to advisors and the firm

Principles of an Ideal Voice of the Client (VoC) Program


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Define the Vision

Impact and effectiveness of marketing and messaging

Recruiting

Quality of training, enablement, and integration with firm

OnboardingDaily service and operational interactions

Service and Support

Usability, quality, and functionality (e.g., ClientWorks)

Enablement and Tools

Sales, Compliance and relationship interactions (e.g., Wealth Manager, Examiner, Business Consultant)

Recurring Touchpoints

Educational and engagement opportunities created through conference attendance

Conferences

Predictability and coordination in transition of business out of LPL (e.g., retirement)

Offboarding

Feedback Embedded throughout Advisor Journeys and Experiences and Aligned to Key Moments of Truth


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Create a Client-Focused OrganizationBuild Executive Alignment and Sponsorship

▪ Form a strong partnership with Executive Champion

▪ Search the organization for passionate customer sponsors and advocates

▪ Establish CX sponsors and advocate forums

▪ Talk to important customers, listen for opportunities, and report learnings back to executive champion, sponsors and advocates

▪ Be willing to test, learn, and adjust in partnership with executive team, sponsors and advocates


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CX Council

Mgmt.Committee

Senior Management

Frontline

Strategic

Operational

Executive CX Council

Operating CX Council

Enables Leaders to Work across Organizational Boundaries to Create Exceptional Experiences for Clients


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Create a Client-Focused Organization

Recognize employeesAchieve quick wins and communicate progress

Leverage executive leadership in communications to client and employees

Engage employees by collecting their ideas

Enjoy and celebrate major milestones across the organization

Co-create with customers

Milestones along the Journey


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Accelerate through Partnerships and Technology


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Create Momentum

Detractors Passives Promoters

Q1 2019(524 responses, 35% response rate)

Independent Advisor Services (IAS) NPS Trend

2012 2013 2014 2015 2016 2017 2018 2019

EODB Initiative Enacted

Ease of Doing Business and Addressing Quick Wins


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5 Key Takeaways

▪ Assess current state and own where your company is on the journey

▪ Acknowledge progress made, be candid with the work ahead, and be courageous in the vision

▪ Partner with your Executive CX Sponsor and Champions to identify quick wins based on current voice of the customer data and insights

▪ Don’t let perfection get in the way of progress – be willing to test, learn, change and adapt

▪ Communicate milestones, successes and learnings


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Closing Advice

Remain laser focused on the client, relentless in pursuit of the CX vision, and patient with the organization.

advisor-centric: building the foundation for enterprise-wide...

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