Following a trial with a small number of advisors, LPL Financial plans to integrate its proprietary customer relationship management software into ClientWorks at the start of next year, according to AdvisorHub. The integration of the Microsoft-powered CRM system was announced in early December alongside details of LPL’s purchase of AdvisoryWorld, the publication writes.
Tech Updates Could Put Advisors’ Complaints to Rest
In early 2019, AdvisoryWorld software will be integrated into LPL’s new CRM product through their ClientWorks Connected broker workstation, according to LPL Q&A documents, AdvisorHub writes. This update could end a standoff between LPL, which believes advisors aren’t adapting, and the advisors, who complain about fees, the company’s technology and, up until now, the lack of a proprietary CRM system, the publication writes. A full-scale rollout of ClientWorks was delayed in 2018 after brokers reported various issues, including temporary problems when executing trade orders, AdvisorHub writes.
LPL has tried to address technology issues by spending $209 million on general and administrative expenses in the third quarter — a 17% increase over last year, the publication writes. This has mainly gone to increasing technology and service spending, and LPL upped its 2019 spending projection by more than 3%, according to AdvisorHub.
Following the update, ClientWorks customers will be able to continue using their adapted version of Salesforce but will also have the option of using LPL’s newly integrated version of Redtail, according to LPL documents, the publication writes. It’s still unknown if LPL will impose an additional charge for the proprietary CRM software, according to AdvisorHub. However, it’s giving away AdvisoryWorld software free of charge, and broker clients who are independently billed for it after the Dec. 3 acquisition date will be refunded, according to LPL documents, the publication writes.
