Paul Hoffman, LPL Summit 2017 - March 21, 2017

Some feedback that I received in January at our Annual Retreat as well as several other times throughout the year is that I should be sharing more of what I learn at meetings as I travel through the year.  So I am going to work on doing a better job of doing that. 

I recently returned from LPL’s Summit 2017 meeting.  I would be remiss in not starting by saying Thank You to each and every one of you.  I am always honored and humbled to be able to represent Advisors’ Pride at these industry events.  Obviously because of all of your efforts I am qualified to attend these events and represent our Pride.  Thank You.  I know you have choices and I am glad you have chosen Advisors’ Pride.

Qualifying to attend Summit is no easy task.  This year of LPL’s 14,000 representatives only 117 advisors qualified and of the thousands of OSJs only 20 qualified.  That means less than 1% of LPL offices were invited to attend Summit.  That puts us in pretty good company. 

While I was at Summit, I did actually attend some meetings.  A couple of the bullet points of my notes were as follows:


  • 180-day delay under review with 15-day public comment period; still functioning under premise of April 10th applicability date until we know otherwise
  • If there’s a delay, LPL will evaluate which policy changes are most appropriate, and the best timing for those changes.
  • Regardless of rule outcome LPL believes that a best interest standard is appropriate, and that a more consistent approach to disclosure/compensation/mitigation of conflicts is the right path for our industry


  • Additional tools being added this year: Portfolio Manager, integrated CRM capabilities, dashboards for business owners, OSJs, program managers, and enterprise leaders (side note: We already have access to this dashboard for Advisors’ Pride)
  • I am encouraging advisors who haven’t already to register for ClientWorks
  • Trading and New Account Opening tools will start to be gradually phased out of BranchNet and onto ClientWorks starting after tax season; this will occur in waves, with lots of advance communication

 Guided Wealth Portfolios (GWP)

  • Pilot completed by Q1 2017
  • Using pilot info to improve platform and build comprehensive training program to help advisors onboard quickly
  • National launch May 2017 (all advisors/institutions)

Next week, I will be traveling to New York to do due diligence on the Davis ETFs.  If you have any wisdom, insight or questions you would like me to have prior to my travels, please let me know.