The president and CEO of the godfather of independent broker-dealers pushes back against industry doom and gloom talk and predicts an even brighter future for financial advisors.
"The good news is, the demand for advice is growing," LPL's Dan Arnold tells
FAs at the Boston- and San Diego-based indie B-D's giant Focus 2017
conference at the Boston Convention and Exhibition Center. "The even better news is the demand for advice is growing across all demographics."
"Millennials are seeking professional support and help at a faster pace than their parents and grandparents," Arnold adds. Meanwhile, "the independent model is the fastest growing segment in the wealth management space ... [Yet] the number of advisors is expected to trend down over the next few years."
All that is despite the recent "doomsday message" of rising costs thanks to regulation, falling fees, and predictions that "millennials don't want our advice" and "we're all going to be replaced by robots," Arnold says.
"All that doom and gloom talk just stoked my competitive spirit," Arnold says. "It fires me up to go fight and win."
Here's how he adds it up.
"You have more clients looking for advisors and more advisors in the marketplace looking for new homes," Arnold says. "Growing demand, a favorable model, more assets in motion, and fewer advisors competing for the opportunity."
"That's a lot to be optimistic about," Arnold adds. "The law of supply and demand may say that we have the opportunity of a generation."
Arnold also previewed some of LPL's "awesome plan to win", more of which will be elaborated on over the next three days.
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